Seattle Funding Group appreciates and respects its huge repeat client base derived of 28 years of industry leading performance and service. And we are always looking for ways to address the financing needs of our clients as efficiently and affordably as possible. Such was the case with this 16x repeat client, who has developed quite a beach area portfolio since the first SFG financed purchase in the summer of 2011.
Their plan was to demo the existing, 1930’s vintage retail store, and replace it with a three story, mixed-use building to house the boutique retailer and further the already substantial residential portfolio. The small lot (1,136 sf) enjoyed a prime location, and after having purchased it in early 2015, was free and clear of liens. While planning to do the demo and rebuild with cash made sense from a cost, speed and simplicity standpoint, it unnecessarily reduces cash reserves. Having clearly demonstrated the ability to self-manage and self-fund post-acquisition remodels at high levels for both residential and commercial assets, the solution was simple. Seattle Funding Group provided favorably priced bridge financing at the maximum leverage level supported by the residual land value of this fully permitted coastal project. That cash out financing augmented her own reserves to self-finance and build on her schedule.
The solution and approach saves both considerable time and expense, while allowing this highly-regarded repeat client to move at The Speed of Her Business. Relationship lending at its best…
