The sponsors were acquiring this older teardown in a beach & village-close neighborhood of Manhattan Beach. Financially capable and experienced, the sponsors were coming in with over 65% cash down on the purchase. They required responsiveness in securing the acquisition financing, and the ability to roll into construction financing once the plans were completed and approved.
SFG remains extremely active within the coastal band of Southern California, was able to quickly underwrite and approve the purchase financing, and offers the flexibility to provide construction financing when the time comes. With no extra charge for the responsiveness, SFG closed quickly to meet the sponsor’s contracted deadline. It was an ideal fit for Sponsors and Lender alike.
Special thanks to Mickey Hedges with Coldwell Banker Previews. Mickey has long been our go-to source for market conditions, sales and values on LA’s Westside and in its finest beach communities. SFG appreciates and highly recommends Mickey and the Team at Coldwell Banker Previews.