A foreign national contacted Mortgage Equities Inc. for a bridge loan secured by a free and clear rental home located on Capital Hill in Seattle. The proceeds for the loan were used to build a non-owner occupied spec town house in New York City.
The Seattle home consists of a 4,440 square feet on a 15,243 square foot lot with a steep slope. The 1939 house is in good condition and has sweeping views of Husky Stadium, Lake Washington and the Cascade mountains.
Substantial rental income, a lot that can be subdivided, and a great street location all contributed to providing a 2 year loan at a sub 9% interest rate.