Seattle Funding Group of California provided 50% lot acquisition financing for these two residential lots located on La Jolla’s Mt. Soledad. The transaction was rather straightforward and closed within days of verifying the lots as buildable with satisfactory soils conditions and slope stability. The buyers’ intention is to construct two spec SFRs once the permits are obtained, and SFG of CA will very likely provide that subsequent construction financing, as well.
SFG of CA is very active in providing lot acquisition financing and spec residential construction financing throughout the coastal band of Southern CA, and this request was right over our plate. Strong, experienced sponsors with 50% cash down in a solid coastal neighborhood.
Our thanks to Frank Palatella of Palatella & Associates for turning the appraisal in a couple of days. SFG of CA’s relationships with Frank, and so many other real estate-related professionals throughout the West, allow us to respond quickly and professionally when evaluating the highly responsive bridge loans and construction financing opportunities that remain the core of SFG of CA’s business.
