Seasoned real estate investor had the opportunity to purchase a tear down house and build two detached townhomes. He called Seattle Funding Group to help with the vertical construction funding. SFG responded and was able to review the loan application, visit the site, evaluate the construction plans then approve the loan. All of this in a timely manner to make sure that construction would be completed in time for the spring selling season. As usually Construction Manager, Jim McBride played an important role in the loan process by reviewing the construction plans and continuing to visit the site throughout the construction process.
This repeat borrower has found a recipe that works for him: buy a property, call SFG for the construction funding, finish construction, sell and repeat. The ease and speed of the loan process has allowed for many success loan closings with this borrower.
Approximate LTV: 48%
Update:
One unit has been completed and is staged to help facilitate the selling process while the other unit will be finished shortly.
