Speed Lending – When everyone wins!
This 2016 Howard Hughes built tower required some remediation work due to defects made by the general contractor. The Howard Hughes corporation stepped up and committed to fixing the defects. With only a couple weeks to procure financing, Mike needed deal certainty in a short time frame as the banks were spooked by the circumstance. Seattle Funding Group dug into the issues, recognized the defects were very solvable, the Howard Hughes Corporation was on the case, and the units were still in high demand. Since there were other offers on the subject condo, time was of the essence.
With the strong cooperation from both Mike Calvert and the sponsor, SFG was able to quickly underwrite the value of the condo and fund in a couple weeks in… HAWAII! (Hawaii takes a few extra days to record.)
Now with urgency problem solved, borrower has the time necessary to procure long term traditional financing.
What we like about the deal.
- Synergy with Broker, Sponsor and Seattle Funding Group.
- Beach front, 2016 built Waikiki tower!
- Quick close.
- Purpose of Loan (Rental)
- Borrower with plenty of cash in the deal.
- Everyone win!
SFG: Capital at the Speed of Business!