Our Borrower/builder is constructing a luxury home in Cle Elum, WA at one of most prestigious golf and recreation communities in Eastern Washington. Suncadia Resort is just an 80 minute drive east from Seattle. It has become a second home market due to its convenient location and drier climate, making this a great location for outdoors enthusiasts of all seasons.
Seattle Funding Group was the perfect lending choice for this spec construction, residence listed for sale in Suncadia. The developer needed to get his project rolling before the weather started to change and risk missing a full selling season due to delays. Although the builder was of the highest level, luxury spec construction is not a favorite of traditional lenders in resort communities and this project needed certainty. SFG’s vast in house construction loan experience (26 years) and sensibly priced portfolio product, was the perfect fit.
The builder has designed this spectacular 3,460+ SF home with an mountain-contemporary look that appeals to the second home, vacation buyer. The house was listed for over $1,150,000.
Spec-building and construction financing always require detailed analysis, perhaps more so than in today’s economic climate. In that regard, the borrower carefully considered his timing and sizing strategies to help produce a terrific, market-driven product that is in high demand. SFG quickly and carefully underwrote the request, evaluating the plans, budget analysis, market conditions, finished value and strength of the borrower. SFG and the borrower carefully weighed and balanced the project from every perspective and advanced for the right reasons.
This transaction is an excellent example of SFG’s lending capabilities and construction loan program flexibility that does not typically exist in today’s private money lending, and it is the reason that SFG remains the first call and the portfolio lender of choice for today’s experienced mortgage professionals.