Local developer had a competitive cost basis in this large plat and wanted to construct 8 entry level homes as “model” homes for resale. Local banks were not making spec construction loans, irregardless of the amount of cash the borrower had invested. Seattle Funding Group analyzed the project and found that the developer was building what the market wanted and at a cost the market could afford. More importantly, the developer was building homes that could be easily financed in today’s unsettled lending environment.
