Borrower needed to access the equity in seven properties totaling 251 units in order to secure the strategic acquisition of another. This involved cross collateralizing multiple tax parcels, something banks are averse to doing. In addition, there was a low interest rate second lien with the City of Seattle that the borrower wanted to leave undisturbed. Seattle Funding Group negotiated with the city on the subordination of its loan and funded a new first position loan in less than 10 working days. SFG Principals performed their own in-house value analysis and documented the file with an appraisal after the fact. Here’s another example of a loan you won’t find on the books at your local bank.
Commercial Outside the Box at its Best