Owing to a variety of factors, the Venice market has become very active in terms of demand and sales. Looking to capitalize on that demand, and the resulting price escalation, this sponsor acquired four separate parcels. Their intent over the next year is to process approvals and development plans under LA’s small lot subdivision ordinance while renting the existing houses for income. Seattle Funding Group of California provided four residential bridge acquisition loans that allowed them to quickly close on these purchases.
Thanks again to Mickey Hedges of Coldwell Banker Previews International, one of LA’s Westside brokerage professionals. Mickey knows the Venice market very well, and that local experience is always critical when making lending decisions in widely varying submarkets. Throughout the Western regional US, professionals of Mickey’s caliber assist us in the intricacies of local market conditions, trends and values. For over 26 years, SFG has remained an industry leader in responsive bridge lending, and we thank all the professionals who play a role in that success.