After a permit approval process measured in years, the owners of this free and clear oceanfront lot in South Laguna Beach were finally ready to initiate construction. Unfortunately, and regardless of the excellent location, sponsorship and loan-to-value, few lenders are prepared or presently capable of providing a residential construction loan of this size and complexity in today’s capital environment.
Enter Seattle Funding Group…As a direct portfolio lender, SFG enjoys the capacity, experience and ability to close loans that possess the correct fundamentals, regardless of the larger loan size or construction complexities. Our staff has underwritten, approved and closed many super-jumbo, residential loans for “A” paper borrowers in A+ locations. So we did just that, we closed it, much to the satisfaction of the two pleased owners.
The luxury mansion was sold in 2014 for $9.5 million and is on the market again in 2017, listed for $23.99 million. The mansion is located in the gated beachfront community of Three Arch Bay and features four bedrooms, six bathrooms and views of the Pacific Ocean.
Another happy ending performed by the SFG Team…with the cooperation of one now ecstatic broker!