The sponsors were acquiring an older house in this highly desirable, gentrified neighborhood. Their plan is to process and secure approvals for a four-unit detached residential project, to demo the existing house and rebuild a quality spec product. Seattle Funding Group was there to close quickly on the purchase financing while working with the sponsors on the unit design, finishes and price point for the proposed product. In doing so, SFG was able to provide the acquisition financing and conditional approval for the construction financing at the same time. A high quality loan, another important new relationship and a very satisfied sponsor…SFG’s stock in trade!
Acquisition & Pre-Development
Pt. Loma (San Diego), CA