Unfinished construction (broken priority), jumbo loan, corporate borrower, No income documentation, listed for sale, no pre-pay penalty, seven day closing. Luxury spec home under construction stalled, and ultimately coming to a halt. A local bank had already fully dispersed a $1.5 million dollar construction loan and $600,000 more was needed to finish. The bank was already at their lending limit so rewriting the loan and extending an additional $600k was not an option. Frustration grew for all parties involved, including the neighbors of the unfinished home. Within 24 hours of the first phone call, a Seattle Funding Group Underwriter met with both the bank and the mortgage broker to come up with a creative solution. Within 7 business days SFG had funded a new $1,600,000 construction loan to complete the project. From its proceeds, SFG paid the bank down $850,000, (the bank subordinated the remaining $750,000) and SFG will disperse the balance as necessary to guarantee the project’s completion.
Stalled project, Construction loan
Mercer Island, WA