Viewcrest Capital acquires property and hands off project to client together with financing.
Project Highlights:
–Viewcrest Capital acquires property at foreclosure auction
–Viewcrest Capital subsequently offers property to a select handful of existing clients
–Construction completed in 3 months; sold in 7 days, equity plus profit returned in less than 5 months.
–Client realizes a return on invested capital in excess of 100%
In July 2013, Viewcrest Capital attended a foreclosure auction to support existing clients. When a core Seattle property went up for auction and was poised to sell far below market value Viewcrest Capital recognized and acted on the opportunity to acquire the property at a substantial market discount. After evaluating the property further, drafting preliminary designs and crafting a target remodel budget, Viewcrest Capital offered the project to a handful of existing clients. To support the project, Viewcrest Capital provided an 80% loan-to-cost acquisition and remodel combination loan and $100,000 in construction financing. The project was completed and closed in less than 5 months and sold for a then neighborhood record price per square foot. This record price enabled our client to more than double their equity investment.