This was a rather straightforward bridge loan on a terrific, new contemporary spec home in LA’s Beverly Grove neighborhood. It had been built with cash, was within days of being completed, and the owner required Seattle Funding Group of California’s sensibly priced transitional financing for the purchase of another development opportunity. Time was important as SFG of CA worked closely with the referring broker to solve the two primary issues – the documentation necessary to secure a mechanic’s lien endorsement given the ongoing construction and the remaining requirements and hurdles necessary to obtain the certificate of occupancy.
Built by a strong, experienced sponsor, with excellent design and finishes, the product was a perfect fit for this upscale neighborhood. There were a great many sales comps, so quickly establishing the value was not difficult, and the effort was aided, once again, by the efforts of Mickey Hedges with Coldwell Banker Previews. Mickey has long been our go-to source for market conditions, sales and current values on LA’s Westside and in its finest beach communities. SFG of CA appreciates and highly recommends Mickey and the Team at Coldwell Banker Previews.