An experienced land developer contacted Mortgage Equities Inc. requesting a construction loan to build the infrastructure for a 17 lot sub division in Renton, WA. Mortgage Equities provided $1.25 M for the project based on a 45% LTV upon completion.
UPDATE: The Borrower has now completed the short plat and final approval is in process. A home builder has the lots under contract.
Responding to a real estate agent’s request for a quick close with minimal documentation requirement, Mortgage Equities Inc. was able to fund a foreign national investor’s purchase of a rental home in Renton, WA.
The newly remodeled 2,000 sq ft house sits on a .25 acre lot, and is consists of 4 bedrooms, 2.5 baths and a spacious yard. The borrower had a 40% down payment and Mortgage Equities was able to provide him with a two year bridge loan.
With the help of a translator, Mortgage Equities was able to gather all of the necessary information and close the loan quickly.
After much research on the available private loan programs in the Pacific Northwest, this Lynwood borrower decided to pursue a bridge loan for the acquisition and rehab of his first investment property. The 6 bedroom home is located on a large sub-dividable lot in a neighborhood experiencing development and growth. The remodel will entail new paint, flooring, water heater, furnace and a new roof.
Once all of the updates have been completed, the borrower intends to rent the home, begin to subdivide the property to gain an extra lot, and secure long term financing.
The borrower contacted Mortgage Equities Inc. for a hard money bridge loan secured by two older homes in the Woodridge neighborhood of Bellevue, WA. The loan was used to purchase one of the properties to be a demolished for a brand new home. At the time we received the loan request, the borrower had one week to close the purchase.
Though it was a holiday weekend, Mortgage Equities was able to quickly fund the loan to purchase within 7 days of the initial request.
Mortgage Equities Inc. financed two loans for this borrower with the same property as collateral.
The first loan assisted in the purchase of a modest east Bellevue home built in 1959 on an 8000 square foot lot. The borrower rented the house until the robust market warranted building a new home requiring additional funds. Mortgage Equities modified the existing loan to allow for the demolition of the rental house and provide construction funds for a new 3000 square foot home.
A returning borrower contacted Mortgage Equities Inc. for a construction loan to finish a 4810 square foot house in Redmond, Washington. The 4 bedroom home features two 1040 square foot suites in addition to the master bedroom, an office, high ceilings, top quality finishes and a large garage. This projects location, lay out and house design provides a distinguished residence that also lends itself to small event gatherings.
After a quick check of the borrowers past two years financials and a credit report, Mortgage Equities Inc. was able to close this loan in 15 business days.
The Borrower requested an acquisition and rehab loan from Mortgage Equities Inc. for a 2 bedroom 2 bathroom home in Tukwila, WA. The 1,120 square foot home included a detached 2 car garage, and a large work shop on .4 acres of land.
After some discussion, the borrower decided on pledging an additional completed rental property in Everett, WA. The borrower was able to allocate his cash for rehab, and Mortgage Equities Inc. was able to provide a simple bridge loan rather than a construction loan. A bridge loan without constructions draws, simplified the process and allowed the Borrower to quickly complete the work on the property.
Once completed, the home was rented and is now producing a significant posited cash flow.
Mortgage Equities Inc. provided financing for the construction of a single family home in Bellingham, Washington. The Borrower is an experienced builder in the Bellingham market. He managed to find and develop a terrific “in fill” lot in a well located, mature subdivision.
The house will total 3,300 square feet with three levels, four bedrooms, and three bathrooms located in a great neighborhood with desirable schools. Greenbelt views and along with some mountain and water scenes offers buyers a great home in a market without a lot of new home construction.
The Borrower received a bridge loan from Mortgage Equities Inc. to acquire a property with two shop buildings and acreage in Elma, Washington. The Borrower is a contractor who decided to relocate his business operation to this property due to its location, layout and great shop buildings.
Mortgage Equities Inc. provided a bridge loan to a developer for operating capital. The borrower has closed three prior hard money loans with Mortgage Equities Inc.
This bridge loan was on a newly completed home in Kirkland, Washington, which the borrower decided to rent for future sale in order to take advantage of an upwardly trending market. The Borrower built a fabulous, modern home with 5 bedrooms, 2.5 bathrooms on an “in fill” view lot.
The Borrower has a long established career in the real estate industry building both residential and commercial buildings in the Kirkland surrounding areas.