These repeat clients were down to only four days left to close on the purchase of a terrific, high-end fix & flip opportunity when they were dropped on their heads by their lender. They texted Seattle Funding Group of California over the weekend asking for a Sunday appointment on an acquisition loan they needed to close by the following Thursday…or they’d lose the purchase opportunity AND their nonrefundable deposit. SFG of CA met them as requested on Sunday morning, and without cutting any corners, SFG’s staff touched every base and closed on Wednesday afternoon – one day early.
It helped that SFG of CA was familiar with the Pt. Loma coastal neighborhood in San Diego, that we had long-standing and excellent brokerage relationships for value confirmation (BPO with a post-closing appraisal to follow), that the title was clean and the purchase contract/escrow paperwork in order. It also helps that SFG is a common sense, fund-based lender without cumbersome overlays or restrictions. And in spite of the speed at which the SFG of CA’s staff performed, we held by our usual pricing…always among the best in private money. The acquisition will be followed within 90 days by permit approval and the need for construction financing for an extensive enlarging and remodel. SFG of CA also financed that element, as well. Click here to see the final updated house.
Thanks once again to Sal DeMaria with Berkshire Hathaway Home Services of Pt. Loma Village. A valued and respected contact for market conditions in this desirable beach community, Sal arranged immediate access and provided numerous current sales comps in support of the purchase price. Sal, and so many real estate professionals at Sal’s level throughout the West, make the difference when it comes to SFG’s highly responsive performance for our referring brokers and clients, while still providing the utmost safety to the SFG Family of Income Funds. Put SFG’s 25 years of experience, its rock solid staff and network of professional relationships to work next time the clock is ticking and failure is not an option.
LTV approximately: 55%