2013-01-17 15:07:11 -
NEWPORT BEACH, CA -- (Marketwire) -- 01/17/13 -- Sabal Financial Group, L.P., a diversified financial services management firm, announced the funding of three construction loans in Southern California. The projects are the latest to receive funding from Sabal's homebuilder lending program, which Sabal launched to fill a void in construction financing from traditional sources like community banks.
"As the housing inventory in California decreases, the demand for new homes has become increasingly vibrant," said Sabal's Director of Homebuilder Lending, Tom Farrell. "Sabal's Builder Lending program will support this demand by providing capital for small to mid-sized home builders on a non-recourse basis. As a non-regulated lender, we are agile, flexible and provide quick response on loan requests and funding." Sabal is comprised of an experienced team with extensive background in both home building and home builder lending, focused to deliver financial decisions based on sound real estate underwriting.
Sabal provided funding to Planet Home Living, a full-service real estate and development company, financing $8.7 million for 15 detached homes, ranging from 3,400 square feet to 4,900 square feet, in Chatsworth, Calif. The base price of the homes ranged from $740,000 to $900,000. "As a non-regulated lender Sabal provided us an immediate response and a better financing solution than a traditional bank," said David French, who represented Planet Home Living in the transaction. Sabal was particularly attracted to this project because of the in-fill location, which offered large lots in a supply constrained area.
In a second transaction with Planet Home Living, Sabal financed $9.7 million for 22 small-lot detached homes, ranging 1,430 square feet to 2,040 square feet, in Echo Park, CA. "Sabal is highly responsive and their expertise in real estate brings a level of sophistication to the lending process," said Michael Marini, a principal of Home Living. The base price of the homes ranged from $570,000 to $645,000. Sabal found the location appealing, as it offers an affordable alternative to the popular Silver Lake district.
Sabal funded, in a transaction with Watt Residential, 48 detached new homes in Pomona, CA. with $12.5 million in financing. The base prices are from $318,000 to $345,000 with sizes ranging from 1,800 square feet to 2,190 square feet. This project offers affordable priced homes in a well established neighborhood.
About Sabal Financial Group
Sabal Financial Group, L.P. is a nationwide diversified financial services firm specializing in the acquisition, valuation, management and servicing of commercial real estate and acquisition, development and construction (ADC) loans and mortgages. Sabal Financial Group provides credit advisory services and loan portfolio management and performance assessments for investment and commercial banks, including capital assessment based upon portfolio and ALLL analysis. Sabal provides construction and A&D loans to established middle-market residential builders and commercial real estate bridge loans in California, Washington and Oregon and Arizona. Sabal Financial Group is a privately held company with approximately $4 billion under management and is led by a senior management team with extensive banking and real estate expertise in both the public and private sector.
Sabal Financial Group is headquartered in Newport Beach, CA, with offices in Pasadena, CA, Miami, Washington, DC, Greenville, SC and New York City. www.sabalfin.com : ctt.marketwire.com/?release=975154&id=2490922&type=1& ..
Kira Sarkisian | Jamie Rudolph
(714) 263-8729 | (714) 263-8748
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