This special home began as a pre-sale, but after the economic meltdown the buyer no longer qualified for financing. The builder managed to continue construction, though at a very slow pace, and then sought a private hard money loan to finish the project. Mortgage Equities Inc. was satisfied with the work to date and approved the final budget for the construction loan.
This is a great project to be involved in as the quality of materials and workmanship are at a very high level. Once completed this will be a great house in a wonderful setting!
The Borrower had his own resources to partially construct a 2262 sq ft home on a secluded lot with a private drive, gentle slope, and a nice territorial view. It was his intention to secure a loan commitment that would fund the completion of the project after he exhausted his own funds. Mortgage Equities Inc. agreed to the request and funded the project after the foundation, septic system, and framing were completed.
The Borrower has an established career in the Real Estate Industry including experience in new home construction. We were pleased to commit to a private loan and “partner” with the Borrower to move the project to completion.
$1,400,000 Industrial property provided Borrower time to resolve estate issues.
Mortgage Equities Inc. provided a refinance within 10 business days of the loan request. The owner occupied a small office in the building, took pride in the condition and maintenance of the property, and was most helpful in contributing to a fast funding.
A purchase and rehab loan was provided by Mortgage Equities Inc. for house in the Ravenna neighborhood of Seattle. The borrower will “fix and flip”!
Mortgage Equities Inc. provided a bridge loan for a borrower to purchase an investment property in Kenmore, WA. The property has a rental home; however, current zoning allows for future development of a multifamily building.
Borrower was given a construction loan from Mortgage Equities Inc. to complete townhomes in the Seattle neighborhood of Columbia City.
Mortgage Equities Inc. provided borrower with a bridge loan for a parking lot in Seattle. In the future, the parking lot will be used for development.
Mortgage Equities, Inc has supplied this borrower with multiple construction loans to build starter homes in Thurston and Pierce Counties. In order to reduce the client’s escrow and closing costs, Mortgage Equities, Inc has funded multiple home starts for this client with each construction loan. At any given time, this borrower has one to three construction loans with Mortgage Equities, Inc.
Mortgage Equities, Inc. supplied a remodel loan for a single family home in Seattle. The borrower quickly resold the home after the construction was complete.