High Vacancy, Core Location, Class “A” Borrower, Bank Note Due
High net worth sponsor’s bank decides not to extend their note in part to a high vacancy rate of the property due to tenant turnover. After 25 years of being with this bank and having perfect credit the sponsors were surprised at the banks demand. Their loan needed to be paid off by year end to avoid complications. The sponsor’s broker called us at Seattle Funding Group seeking the certainty of a quick closing. They received just that and within 10 days of their application…we funded!
The property is located in core location of downtown Mercer Island, Washington, a very affluent area within 5 minutes of Seattle. Value is in excess of $3,500,000.
