A local builder owned an urban infill lot in the coveted area of South Rose Hill in Kirkland. An opportunity came to purchase the adjacent home. The lots being side by side is synergistic and will give an incoming builder ultimate flexibility in design while lowering construction costs. The challenge was he had to close in less than 2 weeks to secure the transaction. Not wanting to use all his available cash, he offered the lot next door, that he already owned, as additional collateral to secure the transaction.
Fortunately, he used Seattle Funding Group a couple years prior for a successfully built Luxury Home in Bellevue. Having a mutually positive experience from that build, he knew who to reach out to.
Calling on Friday afternoon, Seattle Funding Group had an underwriter (Chris Stafford) on site that weekend and an appraisal completed in less than 7 days. Denise Tallman, our senior loan closer, navigated title, endorsements, and pay off quickly and efficiently.
Now that the builder has both infill lots secure, he can continue to work with the city on his new plans with time on his side. In a few months when the site is permitted, Seattle Funding Group will be there to fund the new project.
Why we love this deal.
- Previous Builder with a successful track record.
- Fantastic Location – South Rose Hill.
- Lot loan that will lead to a future Construction Loan.
- Borrower has strong credit and stable high income that he could prove.
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