From Dream to Reality: The Tenhulzen Reserve Success Story
Mike & Traci Tenhulzen turned their vision for a unique home into a celebrated landmark after searching months for the right lender.
The Tenhulzens envisioned more than just a home; they wanted a unique space that would be a personal sanctuary and business showcase while honoring the character of the Sammamish Valley. Faced with the challenges of financing a unique property, their journey took a welcome turn when they found Legacy Group Capital—a custom construction lender with flexibility no standard bank has.
A Unique Vision: Creating a One-of-a-Kind Home and Office
Blending Personal and Professional Spaces
The Hollywood Manor at The Tenhulzen Reserve is more than just a home. It is the culmination of 30+ years experience in the remodeling industry. Clever structural and mechanical methods are concealed in the walls of themed rooms.
“Everywhere you go, every corner of this manner, there’s a surprise,” Traci noted. “It’s an element of remodeling that our company does, and we’re proud of that.”
The existing 1,700 square foot 1950’s rambler had been modified by a prior owner into a tap room, leaving the residential property without a house. The 5,200 square foot addition became the primary residence, converting the existing structure into home office. With this creative integration, the Tenhulzens are able to operate their business on property, using their home as a showcase filled with their innovative designs and installed product.
The Financial Hurdle: Struggles with Traditional Lenders
Navigating the Complicated World of Financing
Despite their clear vision, Mike and Traci encountered numerous obstacles on the financial front. Permits alone took six to eight months to secure, but the real challenge was finding a lender who understood and supported their unique project. They went through multiple banks, each cycle taking months, and struggled significantly during this period.
“We had to get three appraisals on this property because they couldn’t find another piece of property that was similar to ours,” Traci remarked. This unusual characteristic made traditional lenders wary.
The Turning Point: Discovering Legacy
A Lender That Can Take Risks
Mike Tenhulzen took advantage of the Covid slow downs to begin construction, using reserve capital and lines of credit to finance the project while trying to secure a construction loan. It wasn’t until framing was nearly complete that Legacy Group Capital showed interest in funding the entire construction. The lending officer, Shannon recalls “The home had already gone vertical before they even talked to us. It was quite a bit down the road, which most lenders don’t like to do.”
Legacy’s willingness to look beyond conventional lending parameters stood out. Shannon explained, “There’s nothing like Mike and Traci’s home. You could go 100 miles from here, and you’re not gonna find another home in wine country that’s zoned residential adjacent to commercial.”
Building Trust: A New Relationship with Legacy
A Seamless Experience
When Shannon assured Mike and Traci that Legacy had their backs, it was hard for them to believe. “I was like, oh man. I’ve heard that before,” Mike confessed. But the experience with Legacy was different. The construction financing experience began with a 2-month application and underwriting review process with a bank they had been with for 20+ years. When that fell through, they tried two regional banks, private investors and even hard money lenders. Cash was starting to run thin and the project was on the brink of shutting down.
Legacy Capital Group stepped in at the right time with the right solution to secure a 12-month construction loan.
“It opened doors to allow our stress level to go down, enabling us to finally do what we wanted to do,” Traci shared. “With Legacy, it was different. I felt like there was a bridge of warmth, a hug.”
A Lasting Legacy: More than Just a Home
Achieving More than They Dreamed
Construction costs accumulated roughly 5% more than the line-item budget, becoming one of the most accurately performed projects Legacy had ever seen. At 16 months in duration, the new house received its final inspection 3 weeks after it was initially planned, allowing for the construction loan to be converted to permanent financing.
Shannon considers it an honor to be part of their journey. “Their vision is going to live on forever, and I got to be a small part of that. That is something I take pride in having on Legacy’s reputation.” Mike and Traci’s journey wasn’t a straightforward one, but with the help of Legacy, they managed to overcome significant hurdles to create their own legacy.
In the end, Traci sums it up perfectly: “It was great that we were introduced to Legacy when we did. Otherwise, we’d be sitting at framing.”
Success for the Tenhulzens came from a creative vision, forged in detailed process with a commitment to getting it done. Nobody else could have pulled this off the way Traci and Mike did. They are a glowing example of how a leap of faith can result in a lasting legacy.
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