This experienced builder and contractor has established a successful pattern buying and selling fixers for their own portfolio. In an effort to reduce their costs of funds, they turned to Seattle Funding Group of California to meet their financing needs. Given the Borrower’s experience, credit and financial capacity, SFG provided 65% of the acquisition price for this older home. Located in one of San Diego’s finest neighborhoods, it was clearly in need of updating, and the resulting upward adjustment to value would reward the Borrower while enhancing SFG’s security. We therefore agreed to provide 100% of the costs associated with the remodel. Normally a rather simple and straightforward process, the closing was delayed by a decades-old encroachment identified at the last minute. SFG rolled up their sleeves and worked in lock step with the Borrower/Buyer, Seller’s Agent and title to resolve this critical issue. The end result? Another satisfied client and a terrific fix and flip opportunity, affordably financed, by the professionals at SFG.
Acquisition – Fix and Flip
Mission Hills (San Diego), CA