A successful business owner found an opportunity he couldn’t pass up. A 6-acre parcel in Redmond WA that he could turn into a new business venture. After securing the property through an owner financed loan, he began work on renovating the farmhouse and transforming the landscape of the property.
The plan was to rent the farmhouse as an Air BNB, then open a nursery on the property. Without the nursery built and no income stream yet to be realized getting a conventional loan was out of the question. Mike needed an alternative short term lending strategy to take out the owner financed loan and recoup some of the money he put into the development.
We are grateful that Mike gave us a call and were delighted to help him achieve this goal. Mike was organized and engaged in the process allowing us to close quickly. Once he gets the new nursery up and running and the Air BNB rented on a consistent basis, he will be able to get the long-term financing that he desires.
This was a perfect example of how a well-prepared borrower, with an unconventional loan request, can push a deal forward to a rapid closing. We are excited to see his completed project in the coming months and encourage everyone in the area to go check out Trillium Nursey when it opens in Redmond, WA.