This real estate investor (and high end commercial real estate agent) tied up a terrific deal. The property was a bank REO and auction fall-out, and our borrower had the ability to purchase at a substantial discount to market value, well under a 50% LTV. He simply couldn’t afford not to close. The seller, a large multinational bank, was difficult to communicate with so nothing short of following the tight closing timeline would work. The property comprises 30,000 square feet of fully leased office space on 2 floors with 95% occupancy. These 2 floors are office condos with residential condos on the 3rd floor (not part of this purchase.) The tenant mix is excellent with over 75% of the lease income guaranteed from State of Washington agency tenants. The borrower utilized SFG’s highly responsive asset based lending program, local market knowledge to quickly capture a profit of over $2,000,000 and truly secure a rock-solid opportunity. Now that’s capital at the speed of business!
SFG Successful Deal