This transaction originally began as an acquisition loan that needed to close in four days. Seattle Funding Group performed and this allowed the clients to close escrow on time and save their terrific higher-end fix & flip opportunity.
Subsequently, the clients completed the process of securing plan approval and permits to partially demo this small, older home. The plans included increasing the home’s size from under 1,500s.f. to over 4,100s.f., while maintaining the Old Spanish motif and appeal of the original structure. During the demo, it was determined that the house was likely under 500s.f. in size when built in the 1920’s, and it was old enough that the original block material utilized straw as a binding agent. Over the many years, the La Playa area of Pt. Loma has gentrified into one of San Diego’s most desirable coastal neighborhoods, and this 500s.f. adobe was slated to be transformed into a far larger, $3M custom home with a magnificent bay and city view. It will include 4 bedrooms, 4 baths, a pull-through 4-car garage and a free standing casita.
Upon approval of the required permits, SFG performed once again when we quickly retired the acquisition loan and replaced it with demo and construction financing. SFG’s terrific in-house construction department worked closely with the client to review and approve the plans and budget, and we’ll stay fully engaged until the completion of the project.
SFG’s construction program includes a wide variety of products from ground-up to construction completion, but these highly responsive transactions involving high-end fix & flips can be among the most challenging and rewarding. In this case, a ‘20’s vintage adobe will be transformed into a Spanish Revival, and make for yet another Success Story for the builder that called with only 4 days remaining
Special thanks to Sal DeMaria of Berkshire Hathaway Home Services of Pt. Loma Village. For years, Sal has been Seattle Funding Group of California’s go-to source for value and market conditions in Pt. Loma, and SFG highly recommends Sal for his local knowledge when it comes to this coastal community.