This property is a popular waterfront vacation rental on Whidbey Island. The borrower was looking to recapitalize the debt and to incorporate a change in the ownership group. In addition to an appraisal, SFG was able to quickly assess the desirability of the location and a market value range with the help of local Windermere realtor Steve Strehlau. Given the travel challenges in the current environment, a long standing professional relationship with a “boots on the ground” industry insider was a key component that allowed for both a quick close and a quality underwritten loan. SFG also built into the transaction some interest reserve to help the borrower bridge any potential rental income interruption.
A well designed loan on a great property, another win-win loan closing!