This investment property on an extra-large lot was ready for transformation into a new subdivision development of high end homes. The borrower purchased this rental property many years ago and waited for the redevelopment to occur around him. Some top regional homebuilders started to build out small subdivision developments in the neighborhood and wanted more buildable lots. A top local builder entered into contract to purchase our borrower’s 5 lots once he completed the short plat. The Seattle Funding Group loan provides the development money to put in the entire infrastructure to complete the short plat necessary for subdivision development. Once the plat is recorded, the borrower will complete the sale of the building lots and take advantage of the lift in the market.
LTV 48.75%
