Hard Money Construction Loan Builds A Bilingual Preschool On Top of A Convenience Store

picture of bi-lingual day care center built on top of gas station convenience store thanks to private construction loan from Mortgage EquitiesA bi-lingual pre-school for 65 kids built on top of a gas station’s convenience store was made possible by a construction loan from the private lending company, Mortgage Equities, Inc.  This is a significant community contribution that has fulfilled a growing need and given the opportunity for more kids to go to a top notch pre-school in their neighborhood.

In 2000 the Nguyen brothers purchased a Shell gas station, along with an antiquated cinder block convenience store, in an old established Seattle neighborhood.  Six years later their hard work and savings allowed them to build a two story building on a small unimproved adjacent lot that was part of the original gas station purchase.  As the building neared completion an inquiry from an experienced owner of a bi-lingual preschool resulted in a signed lease for the entire two floors of the new building.

La Esculita Pre School, operating for more than 30 years near the University of Washington, was now venturing to Columbia City to occupy a second location.  The space quickly filled with children and within 18 months the waiting list grew to 200 applicants prompting pre-school owner, Carmen Masso, to ask landlord Nguyen if he would build more space on top of the adjacent gas stations’ convenience store to accommodate another 65 students.

After investing considerable time and money in pre-development costs, the Nguyen’s were able to obtain a City of Seattle building permit, but they could not obtain a construction loan from a bank.  However, a bank did call Mortgage Equities on behalf of the Nguyen’s and they agreed to take a look at the project.  They felt the project was made sense,, and their careful underwriting culminated in a $900K construction loan that updated and expanded the convenience store and constructed a new 5,400 sq.ft. second story to accommodate 65 more preschoolers.

The loan enabled the Borrower to respond to the tenant’s need and lease more space to a highly regarded preschool that was so well received in the neighborhood, and provide a bright new convenience store for the community.

Mortgage Equities, Inc. provides real estate investment bridge and construction loans in Washington, Oregon, and Idaho.

 

Hard Money Lenders Confess to Being a Helpful Community Partner

photo of Seattle Gas Station / Day Care projectFrustrated with the “loan shark” image hard money lenders have, Seattle-based private lenders announce they do more than meets the eye, solving problems and positively impacting communities across Washington, Oregon, and Idaho at “not so hard money rates!”

It is not often that one associates a private hard money lender with the concept of service to a community.  More commonly they are correctly understood to be a lender that can be of service to property owners that are unable to secure a loan from a bank or other conventional lenders.

Yet, another side of private lending that benefits the borrower also has a positive impact on the local community where the loan is made.  This type of loan provides the additional satisfaction of serving a larger purpose.

During the course of their 25 years in business Ron Ralph and Sanford Lindstrom, partners at Mortgage Equities, have made loans secured by private schools, fraternal organizations, and churches.

Ron Ralph says, “Each one of these loans has a ‘story’ and an outcome that provided the borrowers with funds to achieve their goals and for us the satisfaction that we made good loans to good people who in turn were of benefit to their communities.”

These borrowers, whether they are non-profit organizations or for profit, have financing needs similar to many real estate investors, but cannot obtain a loan to address their need as they don’t fit the traditional underwriting models.

Their “turn downs” can be for any number of reasons and yes the “gatekeepers” can present underwriting challenges, but Mortgage Equities takes the time to work with the borrower to solve the problem.

Examples of past transactions Mortgage Equities has facilitated:

1.  A bridge loan to a church to allow time for a sale of one property and the purchase of another.

2. A non-profit needed immediate funding to make property improvements in order to accommodate a major community function.  A bank loan requiring an appraisal and additional time consuming processing wouldn’t work.

3.  A construction loan to a gas station/convenience store owner to build a second story to accommodate a bilingual preschool.

4.  A loan to a lumber mill in the process of re-opening and providing employment to 35 workers.

Grateful clients describe Ralph and Lindstrom as professional and honest, and say they work fast and with integrity.  Perhaps it’s time to look at hard money loans with a softer view.  Read more about how these hard money lenders have help communities.

Construction Loan For Gas Station & Daycare Center In Seattle

Picture of completed gas station & day care center in Seattle, WAI’ve known Ron Ralph at Mortgage Equities Inc, for number of years. Great man, quick, fast and very knowledgeable about his work. Just recently he gave me a construction loan for my gas station and daycare center at 3611 S. Genesee St., Seattle, 98118. Come by and check it out to see how it completed.

If you need any financial help contact him and I’m sure you will get a great result.

Sincerely,
Tom Nguyen

Image of gas station in Seattle built with a construction loan from hard money lender, Mortgage EquitiesImage of gas station / day care center in Seattle built with construction loan from Mortgage Equities

Great Resource For Clients That Need Bridge Financing

“Mortgage Equities has been a great resource for my clients that require bridge financing. They are very responsive with a quick answer as to whether it is a transaction they are interested in, which I greatly appreciate. I know that if I give them a credit to work on, that I have delivered my client to a very straight up and trust worthy resource.”
Suzy Oubre, Alliance Commercial Credit, Vancouver WA

We Had Our Loan Commitment With The Most Competitive Interest Rate And The Fastest Turn Around Time

We had been looking for a reasonable Residential Construction loan for over 6 months. Our Loan To Value (LTV) ratio was good (approx. 65%), but credit history was not so good. We shopped our loan request with several private lenders throughout the Great NW (including WA, OR, ID) and California to no avail. Everyone was interested in gathering endless amounts of information or had to go find investors after the fact and/or changed the initial terms and fees, or dragged their feet. I was introduced to Sanford Lindstrom of Mortgage Equities, Inc and provided the customary documentation. He quickly arranged a meeting at the site and within two days we had our loan commitment with the most competitive interest rate and loan fee. Throughout the construction process Sanford was extremely responsive to our Draw Requests by visiting the job site within a day or two of our notices and providing funds within 5-7 business days. The entire process could not have gone any smoother. I would highly recommend Mortgage Equities Inc. and personally look forward to working with them again. Saeed Kaley (Investor / Microsoft Employee)

Impressed With Your Ability to Find One Source of Financing for Purchase & Renovation

We would like to take this opportunity to express our appreciation for your assistance in obtaining financing for the purchase and renovation of the apartment project. Your prompt attention was helpful in closing the loan on schedule, and we especially were impressed with your ability to find one source of financing for both the purchase and renovation. Conversion of the construction loan to a permanent loan went incredibly smoothly. It was a pleasure working with you.

Sanford Jones and Carol Ewing, Investors