Seattle Funding Group is seeing many quality projects with maturing or matured construction loans. In this case, the well-located spec SFR was completed, the certificate of occupancy issued and the lien period passed. The Sponsor required a bridge loan to allow time for marketing and sale of the spec OR to lease the property and hold it as an investment, depending upon short-term results. SFG provided a 24-month solution that allowed for payoff of the matured debt and cash out for other business purposes…and we closed in eight (8) days from acceptance of the LOI.
During these unsettling times, with COVID all but shutting down the economy (and most alternative lenders with it), Seattle Funding Group remains active. SFG is closing these time-sensitive and critical bridge loans for strong sponsors on their quality projects (finished OR unfinished) located throughout The West. And we are still providing construction financing as well, although the travel logistics and City/County responsiveness are slowing that process more than a little.
This market demands the stability of private, alternative lenders with the capacity to provide essential financing programs in spite of the turbulence and uncharted waters. With over 32 years of experience, Seattle Funding Group and its Team of professionals continue to service our client base and the greater marketplace with Capital at the Speed of Business.