$700,000 Spec Home on Mercer Island, WA

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.