A local investor needed to do some maintenance on his 43 unit apartment building before going after an institutional loan on the property. To avoid locking into a long-term higher rate with prepayment penalties and an underwhelming operational statement, this investor sought short term bridge financing with SFG to set him up for more favorable long-term loan.
Over the past 30 years the borrower has acquired many rental properties throughout King County. Over time these rental properties have increased dramatically in value while the debt was significantly reduced. The borrowers plan is to make the needed upgrades to the property and then move to a new institutional lender for long term hold. Over the coming year, rents will be brought to market and property improvements will have been completed to help justify rent increase and attract new tenants.
SFG was there to provide certainty for the Broker and Borrower!
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