Seattle Funding Group of California is active in lending throughout much of the Western Regional US, with particular focus on large market properties. Among our most active products are highly responsive residential bridge loans and construction loans. In many cases, SFG of CA provides both elements when funding higher-end, residential fix & flips.
In this situation, the borrowers had contracted the purchase of a fix & flip property through an online auction, and they needed deal certainty and a quick close in order to comply with the terms of the purchase. As a direct portfolio lender, SFG of CA was able to offer the immediate deal certainty required, and we closed responsively as promised at 65% of the acquisition price once they had provided the required underwriting and due diligence information. The “Fix” aspect of this opportunity was rather nominal, the Borrowers elected to handle that cost directly, and permits were not required.
Special thanks to Kim Billings of Connie Barnes Real Estate / REMAX. Kim is new to SFG’s extended team, but she and Connie Barnes Real Estate were definitely the right professionals in that submarket. Their combined experience in the area was impressive, and Kim was quite familiar with the specific property in question, having recently taken a run at it with another client. Professionals at Kim’s level make all the difference when accurately assessing or staying abreast of changing market conditions, competitive inventories and pricing within an otherwise distant city. We look forward to working with Kim again, and to opportunities within the Sacramento MSA.