Purchase price a few years ago of $5,000,000+ all cash, we have indications that value today could exceed $8,000,000. Property boasts 80+ acres of incredible views and is ideal for home site development. This corporate borrower was working with a bank to secure $2,000,000 for infrastructure development. But as bank “committees” often do, one too many questions were asked about details that had absolutely nothing to do with loan safety. Frustrated with the “committee” and with engineers standing by, their broker turned to SFG for certainty and speed. Given the high net worth of the Guarantors and obvious property value, we saw no need for payment or work order reserves. Upon verbal confirmation from SFG’s appraiser (as of this writing, the appraisal hasn’t been put to paper), loan docs were drafted and all the cash proceeds were advanced to the borrower at closing.
