Experienced foreign national developer purchased this 59 unit fully entitled apartment site on University Way in Seattle close to the University of Washington. They needed to close on time as they had already exercised an extension and the seller wasn’t willing to do it again. The borrower’s usual bank had reached their self imposed lending limits to the borrower and Seattle Funding Group’s competitively priced private money was the next best option. We are finding this happening more and more… traditional lenders may have a superior interest rates but their other terms are burdensome. This shows up in excessive equity requirements or as in this case, low maximum dollars out with one borrower. This is a prime example of how a nimble private money loan with SFG can be utilized effectively to meet the goals of the borrower and capture a high demand real estate asset.
