The Borrower/builder is constructing a luxury home in Park City, UT at one of most prestigious ski communities in North America, Park City Mountain Resort. The Vail Company owns and operates the Canyons Resort, Park City and just purchased PCMR to form what will be the largest ski resort in North America.
Seattle Funding Group was the perfect lending choice for this ultra-luxury, spec construction, residence listed for sale in Park City, UT. The developer needed to get his projects rolling before the weather started to change and risk missing a full selling season due to delays. Although the builder was of the highest level, ultra-luxury spec construction is not a favorite of traditional lenders and this project needed certainty. SFG’s vast in house construction loan experience (26 years) and sensibly priced portfolio product, was the perfect fit.
The Gardner Design Group has designed this spectacular 6,500+ sqft home with an exciting mountain contemporary look that appeals to the high-end, vacation-home buyer. The house is currently listed for over $7 million. Click here to see the listing.
Spec-building and construction financing at this price point always requires exhaustive analysis, perhaps never more so than in today’s economic climate. In that regard, the borrower carefully considered his timing and sizing strategies to help produce a terrific, market-driven product that is in high demand. The borrower modified the architectural plans to size the square footage in response to today’s buyer expectations. Likewise, SFG carefully underwrote the request, allocating a great deal of time to due diligence on the plans, budget analysis, the general contractor, market conditions, finished value and strength of the borrower. At the end of the day, all parties carefully weighed and balanced the project from every perspective and advanced for the right reasons.
This transaction is an excellent example of SFG’s lending capabilities – providing $3,360,000 for high-end spec construction financing. SFG’s capacity and construction loan program flexibility does not typically exist with today’s private money lenders, and it is the reason that SFG remains the first call and the portfolio lender of choice for today’s experienced mortgage professionals.
Special thanks to Rick Shand and Tracey Jaret with Berkshire Hathaway HomeService – Utah Properties for their in-depth knowledge of this sub-market and assistance in the valuation process. Rick and Tracey have helped us previously in the Park City area. They are outstanding agents, we highly recommend them.