Seattle Funding Group closed this $790,000 Fix n Flip single-family residence bridge loan in Woodinville, WA.
An off-market opportunity came across the desk of two very experienced and savvy entrepreneurs. A house whose location commanded a higher price, but the home looked in disarray. The home had a newer roof and updated kitchen…. but could’ve appeared on an episode of hoarders.
Time was of the essence as the estate needed to be sold in less than a month. Our borrowers also wanted to get the house ready and back on the market before the summer ended.
SFG was able to have an appraiser on-site the next day. After quick evaluation SFG crafted a short-term bridge loan with no prepayment penalty, at 70% LTV, in a couple weeks.
The loan was closed in early May 2023 and the house is back on the market in July 2023 after a cosmetic refresh. Shortly thereafter, the home contracted for sale. Our borrower stands to make a well-earned profit. We can’t wait to fund their next one!
