Refinance Bridge Loan for Waterfront SFR in Bellevue, Washington

Avatar Financial Group, a direct private money lender based in Seattle, funded a $5,800,000 1st lien position bridge loan to refinance a residential investment property in Bellevue, WA. The previous mortgage was coming due, and the Borrower was seeking a short-term bridge loan to fund quickly. Avatar’s bridge loan helped avoid costly penalties from the previous lender and provided additional time to seek long-term conventional financing. We were able to refinance the property in one week. The interest rate was 7.75% with a loan term of 12 months. The loan-to-value was just 51% which is a very conservative LTV for us. The subject property is located within one of the most expensive zip codes in the United States, with over 137 feet of waterfront. This bridge loan was brought to us by a mortgage broker, and we paid a commission of $29,000. This residential property bridge loan was funded in November 2019.