Experienced local boutique builder had a value added deal he needed to close and get to work on. The builder was able to purchase the one lot and then able to convert it into 2 building lots with a lot line adjustment. Seattle Funding Group was able to work with the builder by funding the construction of the first home while working on the approval for the 2nd home from the city of Bellevue. Once the builder received approval, Seattle Funding Group was able to fund the remaining construction loan. Since the rates are at historic lows and there is more confidence in the housing market for new homes, buyers are back buying new homes. The first home has now been sold and the second home is under contract with a planned completion date for early November. SFG is actively serving boutique builders in core locations.
We’ve funded numerous construction loans for JayMarc Homes over the last few years, with great success.
LTV ratio: 60%