This well-located, La Jolla Shores SFR was acquired for purposes of high-end redevelopment. Closed in 12 days and at 6.99%, SFG’s bridge acquisition loan carried an 18-month term to allow the sponsor to successfully obtain their coastal development permit and execute their plan. Though the transaction needed to move quickly to save the long-contracted, favorably priced purchase, SFG still offered a sensible 6.99% rate to capture this well-sponsored, coastal lending opportunity.
Seattle Funding Group remains very active throughout the major markets of The West, we finance many transactions located in California’s Coastal Band, and our favorably priced bridge product supports real estate developers, investors and entrepreneurs by providing access to Capital at the Speed of Business®.
Special thanks to Jeannine Savory of The Savory Group AND to Gregg Whitney of Billionaires Row La Jolla. Closing loans quickly often means receipt of appraisals can trail recording, and established market professionals such as Jeannine and Gregg help SFG confirm property values as we measure twice and cut once with highly responsive closings.