This luxury spec home is situated in Bellevue Washington, one mile from Microsoft campus. This 4,500 sqft new home, on over an acre lot, was built by a well-known retired NBA basketball star who owned the lot and decided to build a spec home for resale at a profit now that the local real estate market has improved. The yard improvements on the propety are exceptional and the location carries a strong demand. The borrower needed cash out to complete a business transaction in L.A. while they wait for the home to sell. We have worked with the borrower on many projects in the past and have had a great experience. Due to our familiarity with this repeat borrower and with their ability to get us all the necessary documentation, we were able to close this loan in just a few days. Seattle Funding Group is actively serving boutique builders and investors in core locations.
Appraised Value: $1,750,000
Loan to value: 63%