This recent closing involved financing the ground-up construction of eight, townhome-style, for-sale units in Coastal Carlsbad, a community in which Seattle Funding Group has financed numerous projects over the years. SFG is very active throughout the coastal band of California, and being one of North County San Diego’s most desirable coastal cities, we have seen and financed many quality projects throughout Carlsbad. These include spec residential houses, multifamily projects, construction completion of broken condo and residential projects during the last downdraft, and bridge acquisition financing on a nearby, prime infill development parcel, which has since been built out and sold.
This sponsor first called Seattle Funding Group four years before the permits were obtained and the loan closed. We stayed in touch throughout the arduous permitting process and were well prepared once the permits were issued, closing within a few days of receipt of the grading permit. West of the I-5, walkable to the village and the beach, well-sponsored, designed and located, this was certainly a project that warranted the added time and effort. And throughout the four years, it was equally clear to the sponsor that Seattle Funding Group was the right fit; the right lender for their terrific project.
Financing multifamily, mixed-use and attached for-sale product throughout the major markets of The West…Seattle Funding Group remains the go-to source for small balance construction lending. In today’s process-challenged permitting environment, cities and external events often slow the process to a crawl, but remaining in lockstep with the sponsors, SFG closed at The Speed of Business once the permits were in hand.