310 Marigold

The borrowers on this deal are repeat clients we've funded across multiple Newport Beach projects. When they found an extra-wide lot on Marigold in Corona del Mar, about a block from the ocean, with plans already 90% done from a seller who'd changed course, they brought it to us immediately.

We funded $3.5 million for the acquisition, with the borrowers putting $2 million down. The plans needed minor revisions to optimize for the spec market rather than the original owner-occupant design. The total commitment grew to $7.1 million as we added construction financing. Nicholson Companies, a prominent Corona del Mar builder, is handling the construction.

This is what happens when borrowers, a builder, and a lender all know the same market deeply. The borrower spotted the lot because he's a local realtor who sees inventory daily. The builder is based in Corona del Mar. And we've funded enough deals in this market to underwrite with confidence and speed. The home is projected to list around $12-13 million.