Located across the street from the ocean, this terrific spec SFR was built with attention to detail in both materials and craftsmanship. The conventional construction loan had matured and the builder/developer required a bridge loan to refinance the matured debt and provide for cash out while the property was being marketed.
Seattle Funding Group has been very active with coastal lending during its 30 year history, and knowing the Laguna submarket quite well, we quickly responded with an offer that included 63% leverage, a 12-month term, no prepayment penalty or yield maintenance, and a 5.99% Ray Rate. The transaction closed nine (9) days after the LOI was executed.
The key in closing highly responsive bridge loans often revolves around the level of sponsorship cooperation, and that was certainly the core element in this case. Requested information was made available the same day, and all parties grabbed the oars and started pulling, including on such issues as the recent completion, lien releases, loss of priority and related title aspects.
Our sincere thanks to Ken Dembowski with RE/MAX and The Dembowski Team. Beginning over ten years ago in 2008, Ken has assisted SFG numerous times with market conditions, sales comps and values in Coastal Southern Orange County. Seattle Funding Group maintains relationships with countless real estate professionals at Ken’s level in the core submarkets we service. Ken and other professionals assist SFG with value data so that we can quickly and accurately respond to time sensitive bridge requests…they help to make Capital at the Speed of Business a daily occurrence at Seattle Funding Group.