Borrower owned a waterfront Alki home free and clear. The opportunity was presented to acquire a luxury Laurelhurst home below market value and before it was placed on the MLS. Terms were “all cash by close of business Friday”. Nobody really thought the borrower could pull it off that fast, but then nobody had any idea the borrower knew Kent Rowe of SFG. Before the appraisals were complete, the team at SFG put together a new first position loan secured against both properties. Purchase and sale agreement was signed on a Monday, loan funded Thursday afternoon. The discounted price of the acquisition greatly exceeded the cost of funds.
