A respected repeat borrower had a tremendous opportunity to acquire a building adjacent to Century Link Field. An off-market transaction on a commercial property that is trading at 25% of its last purchase price. The building has great bones, fantastic location, and tremendous upside. The challenge is the building is under leased (temporary leases) and is not maximizing its full potential. Conventional lenders would not be able to perform a loan due to the buildings current short term tenant makeup at below market rates, and the required speed of execution. Seattle Funding Group can provide loans in this scenario with a sufficient down payment or utilizing other properties to cross collateral. In this case, the borrower provided additional, a free and clear warehouse is south Seattle.
This SFG client also took advantage of the “SFG PAY RATE” program, lowering his monthly debt service while he plans to re-tenant the building and realize a well-deserved profit. When re-tenanted, his profits should be in the many millions.
SFG is enthusiastic about the opportunity for our borrower and look forward to seeing it play out.
Why we love the deal.
- Organized and well-heeled borrower.
- Proven track record of success
- Cross Collateral
- Excellent Location
- Well thought out Exit plan and strategy
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