These experienced and talented sponsors enjoyed great market response to their newest project in Palm Desert, with high-levels of reservations and presale activity. This well-conceived, 112-unit community of luxury flats is the latest in their 25 years of successful residential developments throughout the Southwest.
Their challenge was securing the construction financing in support of the market response to this terrific resort-like community. There were a variety of deal-specific elements that took the traditional lenders out of play altogether, and other aspects that had to be overcome to make it a sensible fit and risk for disciplined private money. These tenacious development and homebuilding professionals continued to advance their project until the timing and circumstances were right, until the elements posing the greatest underwriting risks were managed and controlled. That was the point at which Seattle Funding Group engaged and provided construction financing for the first phase of production units.
The underwriting and due diligence process for a construction transaction of this nature can, at times, seem rather daunting, arduous and detailed, but it is what has kept Seattle Funding Group an industry leader for 29 years, through multiple cycles and widely varying market conditions. And through 25 years of homebuilding, real estate and financing cycles, these sponsors knew what it took to get their deal done, they never stopped advancing, and they called on SFG to step in and finance the production phase of this well-designed project once all elements were in place.