This was a solid, experienced sponsor and developer who had recently built a well-designed, three-unit complex one block from the beach in the Oxnard Shores area. The subject unit was leased at market, and though the local market conditions appeared to be a bit slow, our loan amount and LTV kept SFG well out of the turbulence.
These small, safe loans can easily be accommodated when the fundamentals are in place. The referring broker was correct in his assessment and rewarded for his efforts in bringing this transaction to SFG. We quickly closed this refinance to pay off the maturing loans, provided the sponsor the cash out he wanted and allowed him the flexibility to hold the asset for sale at a later date.