Experienced apartment investor needed a quick closing to secure a well located 20 unit apartment building near the university. The seller had started a remodel, but decided to sell for health reasons.
Traditional lending proved to be difficult given the partially remodeled state of some of the units as well as the low occupancy level. SFG was able to see the property had tremendous upside potential.
Fortunately, this investor had a previous successful track record with SFG and knew this type of transaction was a perfect match. Seattle Funding Group was able to assess the opportunity through previous successful apartment closings in Salt Lake City and fund the purchase on time.
This closing was possible because of the borrower’s track record of rehabbing other apartments in the market and their previous lending history with us.