Experienced local boutique builder had a value added deal he needed to close. The builder was able to purchase one lot and then able to convert it into 3 building lots with a lot line adjustment. Seattle Funding Group was able to work with the builder by funding the spec construction of the first home while we waited for approvals on the 2nd and 3rd homes from the city. Once the builder received approval, SFG was able to fund the remaining two spec construction loans. With rates at historic lows, more confidence in housing and pent-up demand for new homes, buyers are back in the market and buying new homes. All 3 new spec homes have a planned completion date for the early spring selling season. SFG is actively serving boutique builders in core locations.
We’ve funded numerous construction loans for JayMarc Homes over the last few years, with great success.
LTV ratio: 60%