As the pendulum has begun to swing on the current business cycle, many residential sub-markets and price points are feeling the impacts with increased inventories and longer DOM’s.
As a result, SFG is seeing more requests involving maturing or matured construction loans on well-sponsored, high-quality projects. SFG has already closed many of these refinance requests, and in addition to allowing the developer/builder more marketing time, (depending upon equity margins), we have often provided cash-out for debt service and carrying costs, as well as for other unrelated financial needs.
In many ways, this closing typifies the latest wave of these bridge requests, yet as with all transactions, it has its differences:
- Extraordinary spec SFR in La Quinta’s finest, private golf community
- Course frontage with south-facing views
- Exceptional design, finishes and workmanship
- Extremely capable and solid sponsorship
- Under 60% LTV
- No LOP exposure
SFG has previously financed a number of properties in this coveted and gated community, and we’ve provided many other high-end spec bridge and construction loans throughout the best neighborhoods of the Coachella Valley. SFG knows the Coachella Valley market quite well, and when approached regarding this request, it was immediate deal certainty and all hands grabbing the oars. SFG quickly closed the loan with fair pricing, no prepayment penalty, yield maintenance, or exit fees.
Seattle Funding Group has provided responsive bridge loans and construction financing programs in the major markets of the Western US throughout all points in the economic cycles… over thirty years of adding enduring value to the marketplace with Capital at the Speed of Business.