Our Borrower/builder is constructing three luxury homes at one of most prestigious golf and recreation communities in Eastern Washington. Suncadia Resort is just an 80 minute drive east of 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.
The developer wanted to get started on three custom homes to roll out for sale next spring–otherwise risked missing a full selling season due to delays cause by bad weather. Although the builder was of the highest level, luxury spec construction is simply not a favorite of traditional lenders in resort communities, and this project needed certainty. Seattle Funding Group was the perfect lending choice for this spec construction project in Suncadia. SFG’s vast in house construction loan experience (26 years) and sensibly priced portfolio product, was the perfect fit.
The builder has designed 3 spectacular homes with a mountain-contemporary look that appeals to the second home, vacation buyer. The houses will be listed for over $1,150,000 each.
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 a perfect example of SFG’s lending capabilities and construction loan program flexibility. It is something that does not typically exist in today’s private money lending industry, and it is the reason that SFG remains the first call and the portfolio lender of choice for today’s experienced mortgage professionals.