These sponsors are highly experienced general contractors building residential estates in the coveted North Ranch neighborhood of Thousand Oaks. As is the case with many development and construction projects in today’s environment, the permitting process required far longer than expected. Introduced by bank referral almost ten months earlier, and 60 days after executing the LOI, the grading permit was finally in hand and the construction loan recorded. Throughout that period, the communication and data flow were excellent, further underscoring the professionalism of these terrific sponsors.
The 7,000 s.f. house was sited on 2.1 acres with 6BR and 6-1/2 baths, a 5-car garage and elevator.
There was loss of priority in that a construction trailer was rolled on to the property, construction fencing erected and the foundation chalked. SFG’s CA staff worked closely with the title insurer and the sponsor to secure indemnity approval and full mechanic’s lien coverage.
Seattle Funding Group remains very active with spec residential construction financing throughout the major markets of The West, providing Capital at the Speed of Business…even when the municipalities and utilities are moving at the speed of snails.