40 unit apartment building in exceptional West Capitol Hill location. Borrower inherited property from the estate but was in a dispute with another heir. Our new first mortgage settled the estate, the dispute and paid legal fees. We had less than a week, from beginning to end, to close this loan and meet their deadline. Title was clean, value was obvious, borrowers were strong and solid property managers with a durable track record. Loan was closed in three days from loan application to completion. Much of the credit for such a fast closing goes to the reality that everything was already in escrow, erroneously waiting on traditional financing to meet the short time fuse. Title, financials, leases, building inspection reports etc were also readily available and supported value over twice our loan amount.
This loan was referred to us by the estate planning division of a well-respected Seattle law firm.
Loan to Value: 45% approximately