A long time Mortgage Equities borrower inquired about an acquisition and rehab loan for two properties in Roy and Tacoma WA. Both homes would be a “fix and flip” project with a garage addition to the Roy home and cosmetic repairs needed on the inside of each home.
The borrower decided to pledge two free and clear rental properties allowing Mortgage Equities to provide 100% financing at a sub 9% rate for both projects. The rental homes are located in Roy and have good tenants paying fair market rent.
A Borrower who had previously worked with Mortgage Equities Inc. received construction financing for a home in Kirkland, WA. The construction loan funds a major remodel of an existing 3000 square foot house with 60 feet of Lake Washington waterfront. The renovations will enhance the already wonderful lake front living with staggering views of Madison Park, Seattle skyline and the Olympic Mountains.
A borrower contacted Mortgage Equities for a Bridge Loan on behalf of a Trust seeking capital for the purpose of funding its business ventures.
The Trust pledged a property located in the Browns Point neighborhood of Tacoma on the water. The main house is located on high bank waterfront while the guesthouse is on the beach. There is significant value in this view lot as the main house, built in 1938, would be replaced by a new construction home.
A Borrower who had previously worked with Mortgage Equities Inc. recently received construction financing for a spec home in Bellingham, WA. Similar to the previous home he built, the 3000 square foot home is located in an established neighborhood overlooking Fairhaven. The lot allows for sweeping views of the sound and Olympic Mountains.
The Borrower’s extensive experience as a builder and great location of the subject lot, allowed Mortgage Equities funded the deal at a sub 10% interest rate with a 1 year maturity.
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.
A Borrower contacted Mortgage Equities Inc. for a bridge loan collateralized by his rental property in Issaquah, WA.
The subject property is a 2 acre lot with a 2,000 square foot home (3 bedrooms/3 bathrooms). The property also has a cell tower which has been leased to a phone company for 10 plus years.
The purpose of the loan is to finance the completion of a connecting structure between the home and the garage. This structure would allow the Borrower to legally rent the space above the garage. Due to the Borrower’s large rental income and low loan to value ratio, Mortgage Equities was able to provide very favorable loan terms including a sub 9.00% interest rate.
A local real estate consultant contacted Mortgage Equities for bridge loan to secure capital for a business endeavor.
The subject property consists of 5 tax parcels totaling to 30 plus acres of land in Leavenworth, Washington. The parcels located on a mountain side outside of downtown Leavenworth offer a wonderful view of the entire area.
Due to the low loan to value ratio and excellent credit, Mortgage Equities Inc. was able to provide the Borrower with a favorable fixed interest rate for two years.
A national non-profit borrower contacted Mortgage Equities, Inc. to refinance their loan on a rental home in Eastern Washington. The 2,187 square foot 3 bedroom/3bathroom home is in a lovely setting on 7 plus acres.
The Borrower funded the purchase of the house with a hard money loan that included a high interest rate and a costly extension fee. Mortgage Equities Inc. was able to accommodate the Borrower’s request for a 2 year loan, and acceptable option for an extension and an interest rate 3 percent lower than the previous loan.
Mortgage Equities Inc. has funded four of this borrowers projects in the past few years. Like most of his previous projects, the borrower requested a construction loan to build a spec home on a Mercer Island lot that he owed free and clear. The house will include high end finishes and a large deck with beautiful views of Lake Washington.
The construction loan has a maturity of 1 year, a prepayment penalty of 120 days and favorable rates and fees due to the borrowers experience as well as good credit.
Mortgage Equities Inc. recently financed the purchase of a rental home in Kent, WA. The 1890 square foot split level was built in 1978 and consists of 3 bedrooms/2 bathrooms. The house needed minor cosmetic updates including new paint, floor coverings, and bathroom fixtures. In consideration of the borrower’s 40% down payment, Mortgage Equities was able to provide a two year bridge loan at a very favorable interest rate. The updates have since been completed and the borrower has successfully rented the property.