Very well-located in a densely populated transit village, this 24-unit mixed-use project was under construction when the sponsor’s broker approached Seattle Funding Group. Excavation for the underground parking had already been performed, and the project was free and clear when SFG funded the loan and provided the financing necessary to complete the construction. Substantial, cooperative sponsorship, low leverage, experienced development and construction team members, and a solid indemnity package assembled by SFG’s Team, allowed us to work effectively with title to secure full mechanic’s lien coverage and a 122 endorsement.
Those compelling underwriting elements were clear from the onset and were the core reasons SFG approved the construction completion financing for this terrific infill project. Across the street from the local BART Station, shopping, retail and dining, the site was ideal for the approved use. And with leverage levels approximating 60% LTC and 40% LTV, the lending decision was rather easy once the other bases were touched.
Our sincere thanks to the referring broker, Donald A., who worked diligently throughout the abbreviated loan process. Donald had first called SFG about this request in summer of 2017, and his client remembered us almost a year and a half later when ready for the construction financing. Once reengaged, things moved very quickly, the LOI was released in a day or two, the sponsor promptly accepted and remained actively involved throughout the short process. Together with $75,000 for his efforts, Donald banked SFG’s respect and appreciation for his experienced and professional involvement right up to the closing.
At Seattle Funding Group, Capital at the Speed of Business is so much more than a tag line; it is the heart of our business model…just ask Donald!