As is typical with a meaningful percentage of Seattle Funding Group’s construction loans, this is a repeat borrower building a second spec house after a prior, successful project utilizing SFG’s financing. Many of our builder clients have done business with SFG on 10, or more, separate occasions, and in one notable case, over 50 times. SFG’s construction programs, controls and staff are recognized as among the best in the industry, and it is reflected in the significant number of repeat clients we service. SFG operates its own fund control, expeditiously manages the draw process and performs or oversees all site inspections. Our highly professional and experienced construction manager, Jim McBride, has been with SFG for over 14 years, and many of our builders have come to rely on Jim for his responsive and expert service.
This particular transaction is an example of a smaller residential construction loan for SFG’s CA branch, but it was nonetheless important to this small home builder. His prior project, one block away, was completed on time and budget. It sold quickly for well in excess of the proforma. The project was quite profitable and the working relationship excellent…all the more reason to play it again.