The Owner/Builder needed to perform, on their nickel, extensive site work, including grading, retaining walls, utility trenching and undergrounds BEFORE pulling the building permit. They were unwilling to spend the significant dollars required without CERTAINTY that the vertical construction financing would be available when the site work was completed and accepted. On the other hand, SFG does not provide vertical construction financing without the building permit paid for and pulled prior to or within the first draw…and CA title companies are becoming even more difficult (if that’s possible) when it comes to broken priority issues – we had to record without permit in hand. As a direct portfolio and experienced construction lender, SFG possesses the necessary latitude and flexibility to design a solution and capture opportunities such as this, though we certainly had our work cut out for us. To get there, we focused and built upon the strengths: a solid, experienced sponsor, a free and clear lot, a house plan well designed for today’s buyers, and a wealth of experienced sources on value. LTV: 53% SFG offers its sincere thanks to the referring broker, Ron Morillo of RMC Funding. We’ve been talking with Ron for a long time, and we’re thrilled to get this first transaction closed for Ron and his Team at RMC. And special thanks to Donna Beebe and Gary Ast with Dilbeck Real Estate in Calabasas. Both are long-time sales professionals and residents of Bell Canyon; their statistical insights, local perspective and forthcoming nature were invaluable.