This highly successful, international provider to the airline industry required immediate deal certainty to meet pressing commitments. Responsive bridge lending remains a strong suit for Seattle Funding Group, and we are the first call for many mortgage professionals when the circumstances necessitate the combination of deal certainty, speed in closing and fair pricing; elements intrinsic within our DNA as one of The West’s oldest direct portfolio, private money lenders.
The initial challenge in this case was the asset class. Two finished lots totaling 6.5 acres in an established industrial park were the available collateral, and ordinarily, SFG approves/funds very few loans on dirt, which are not tied to construction financing. But the details of this situation were far from ordinary; they warranted a second look and a step away from the initial response to such requests.
What we quickly found was that this transaction would meet with SFG’s discerning requirements for lending on commercial or industrial parcels. Among the many positive factors were:
- Exceedingly low vacancy rates within the region and submarket,
- Stable lease rates and high tenant/buyer demand,
- A quality, mature industrial park all but built out,
- A well-maintained park tightly controlled by a large, nationwide developer,
- No environmental concerns or issues,
- Little to no comparable industrial lot inventory in the entire region,
- A leverage level under 50%,
- A capable, experienced sponsor,
- A sensible exit strategy, and the ability to execute on that strategy
With those factors clearly in place, Seattle Funding Group stepped up and provided the deal certainty necessary to solve the sponsor’s immediate financial objectives. And shortly thereafter, the referring mortgage professional took $28,000 to the bank on his first transaction with SFG. At the same time, he learned firsthand what mortgage professionals throughout The West have come to embrace for 28 years and counting…make the first call to Seattle Funding Group when you require Capital at the Speed of Business, whatever your business may be!