A speedy and certain bridge loan was needed to finance the advantageous acquisition of what is called the Harbor Apartments in the West Seattle neighborhood of Alki. Each of the 3 story townhome style units has a city view of Seattle skyline and Elliot Bay facing east from this highly desirable neighborhood. Terrific location.
Our borrowers are accomplished local commercial realtors who have been investing in Seattle real estate for years. They made the decision to purchase this 7 unit townhome style apartment building as a value add investment opportunity with plans to redevelop the units into townhomes while maximizing the resale potential of the property. Seattle Funding Group was the natural lender of choice as the newly built asset was being purchased vacant, without any rental history, from the construction lender. After review, we felt the skill of our borrowing group and favorable asset class compensated. Additionally, since it is the sponsor’s plan is to sell the units individually, they needed a speedy lender who could also offer deed releases so they could sell the units individually, and of course…no prepayment penalty. SFG delivered on all accounts and our borrowers, and their investors, are prepped for a substantial profit.
SFG is standing by ready to take on your next acquisition!!