This small, cash-out refinance was needed to buy out the interests of a family member. The property is an older two-unit apartment located in Corona del Mar, a highly desirable neighborhood of Newport Beach. The Borrower’s ultimate plan is to tear down the older apartments and replace them with two residential for-sale houses in the fashion and style typical of upscale Corona del Mar. The referring broker knew that SFG had the ability to quickly provide the transitional refinance and the construction financing when the time came; we were the broker’s first and last call.
LTV: 50%
Special thanks to Rosanne Kline of Surterre Properties. Rosanne’s knowledge of the Southern Orange County beach communities is extensive, and she remains SFG’s go-to source for value and current market activity whenever we have a request in that area. Rosanne has become an important part of SFG’s network, and SFG highly recommends Rosanne and Surterre Properties.
