Sometimes, these ground-up construction requests just take a while to incubate. Our first email inquiry on this Lafayette transaction came in 4 years and 2 months before it actually closed…and 44 days after the LOI was accepted. While this example of an extended timeline was rather extreme, delays of months to years are not unusual in today’s entitlement and permitting environment. And as usual, Seattle Funding Group was ready and champing at the bit once the plans and permits were approved.
Like so many communities in the hills of the East Bay, Lafayette has experienced significant lift over the past few years, so while the project was delayed, the net result may prove even more favorable to these builders. Experienced, with a background as fee builders of custom homes and remodels in the region, this was their first spec build project for their own account. SFG worked closely with them and their broker to provide a financing solution and structure that worked. And SFG’s highly experienced construction department will work hand-in-hand throughout the process, providing best in class fund control and draw services to keep the project on time and budget.
SFG has been providing spec residential financing for decades, and in today’s period of hyper-demand for housing, we are seeing and funding many Build-to-Rent (BTR) projects, as well. Active throughout most major markets of The West, Seattle Funding Group continues to provide capital at the speed of business, whether this is your first spec, or your 101st.