This experienced beach area builder came to Seattle Funding Group to finance construction completion on a small, infill project of three houses. Well-designed for the Pacific Beach market, these 1,600 +/- s.f., 3BR/3.5BA houses were sure to sell quickly, once completed, particularly given the sponsor’s touch on finishes.
As with so many projects these days, the sponsor experienced extraordinary completion delays due to the vagaries of City staff and the utility companies. SFG worked closely with the sponsor to help push the various, affected processes and improvements, while accommodating the sponsor on the delayed completion.
In the end, and as with quality residential projects and specs built in core locations during the Covid run-up, the product sold for more than 20% over proforma.
SFG remains quite active with residential construction financing throughout the major markets of the West. We are familiar with the underwriting and title challenges posed by loss of priority (construction has already begun), and our experienced construction department works closely with builders when confronted by external challenges. Capital at the Speed of Business, and Experience to support your Business…