NEWPORT BEACH, CA—Sabal Financial Group, L.P., a diversified financial services management firm, has funded three new 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.
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 also funded, in a transaction with Watt Residential, 48 detached new homes in Pomona, CA. with $12.5 million in financing.