Seattle Funding Group routinely provides highly responsive bridge lending for quality, income producing properties throughout the major markets of The West. This recent closing underscores that simple truth, and many of its underwriting elements typify what SFG looks for when considering a bridge loan of this nature.
-A great, walkable location in the Buckman neighborhood of East Portland
-New, high-quality construction and design that meet market demands
-Strong, experienced sponsorship capable of executing at a high level
-A leverage level of well under 65%
So with all those components in place, why private money? Why not go directly to the bank?
In fact, it was the bank that referred the sponsors to Seattle Funding Group, for the same reason so many banking and mortgage professionals send their “A” clients to SFG. Because the transaction demanded deal certainty and required a fast closing in order to capture a time sensitive opportunity that greatly overshadowed the bridge financing costs, SFG was the obvious choice. The clock was ticking on taking out an equity/mezz piece. At issue was meaningful savings and significant financial gain to the primary sponsor. A day late would be huge dollars short..
The bank knew they couldn’t close the transaction in the three weeks that were remaining, yet a refinance by that same bank remains as SFG’s most likely exit strategy. As a direct portfolio lender, SFG is perfectly positioned for such highly time sensitive bridge financing requests, and in the case of this 46-unit, mixed-use asset and the first time client, SFG’s responsive performance once again made the financial difference…for 28 years and counting.