This 15,000 square foot property is situated in a highly sought after area of South Seattle consists single family home built in 1949 and is zoned R6. It has views of Lake Washington across to Mercer Island. A “Legal Lot Recognition” process was completed through King County turning the property back into 3 separate parcels.
The borrower is a local builder who specializes in acquisition, development, renovation and building. They purchased the property with the plan of remodeling the existing home and building 2 new homes on the remaining 2 lots. The Builders Capital team took this project through the lot recognition process and provided the opportunity for this builder to complete this project. Builders Capital provided an expedient loan closing and at an LTV of 70%.