This loan request was right over the plate for Seattle Funding Group as it included many of the components so elemental to our lending models. Those components included an “A” location in a high quality, coastal submarket, an “A” paper sponsor, an effective LTV at well under 40%, and control of all the funds necessary to complete this high quality residential product.
So why then did this loan request demand placement by a private money lender? Construction completion remains a difficult product for today’s conventional lending sources, particularly when the request is jumbo spec residential. But at its core, this request represented “The Best of the Best.” After completing analysis on the cost to complete budget and resolving the broken priority issue with title, what remained was elemental.
The Result: Another happy SFG client, and yet another example of why SFG remains an industry leader in private money closings for construction and construction completion.
