SFG provided acquisition financing for this 7 unit apartment building located in the desirable Lake City neighborhood of North Seattle. The property is a solid multifamily investment, small enough to fit in most investors portfolio but large enough where meaningful upside is possible. The unique feature of this acquisition was the borrowers wish to secure this within his Self-Directed IRA. In these types of transactions the borrower is actually the IRA Custodian for benefit of the investor… and not surprisingly, no personal guarantees are allowed. SFG is the pinnacle of a flexible lender… no personal guarantees? Sure, no problem as long as the real estate is solid, credit is excellent, borrower is real estate sophisticated and an appropriate down payment is present. SFG has always been a terrific source of acquisition financing for all entrepreneurial borrowers including non-traditional, such as foreign nationals, various legal entities and of course Self-Directed retirement accounts.
We want to give a special thanks to Steve Fischer of Westlake Associates in Seattle and Steve Swank of Austin Appraisal for their express service in helping us establish value in just a few short days.