Refinance Bridge Loan for Multifamily Properties in Brooklyn, New York

Funded by Avatar Financial Group


Deal Details

Private Loan Type


Approx. Funding Date


Property Type
Property City


Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type

Interest Only



Borrower Credit Rating


Interest Rate


Broker Commission


Deal Summary

Avatar Financial Group, a direct private mortgage lender based in Seattle, funded a $3,400,000 1st lien position bridge loan to refinance two multifamily properties in Brooklyn, NY. The Borrower is an experienced real estate developer who specializes in repositioning multifamily properties in the NYC metro area. The previous loans for the project were due in full, and additional time was needed to complete the rehabilitation of one property and stabilization of a second property prior to obtaining conventional financing. Avatar was able to quickly refinance the loan on each property and provide some additional needed to successfully stabilize the property and complete the renovation as planned. The interest rate was 8.25% with a loan term of 12 months. The loan-to-value was just 75%. The deal was brought to us by a mortgage broker to whom we paid a broker commission in the amount of $34,000. This commercial property bridge loan was funded in November 2019.

Funded By

Avatar Financial Group

Direct Bridge Lender for Commercial Real Estate Nationwide