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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/31/2019
Property Type
Property City
New Mexico
Property State
NM
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
51%
Number of Units
30
Interest Rate
8.99%
Broker Commission
$10,000
Deal Summary
Avatar Financial Group, a direct private money lending firm, funded a $1,000,000 1st lien position bridge loan to refinance a multifamily property in NM. The Sponsor received and accepted an offer to sell this 30-unit apartment complex in New Mexico. The Borrower used conventional financing with a lead time of 90 days to close. Meanwhile, our Sponsor’s existing debt on the property was set to mature. We successfully completed the refinance of the existing debt and provided a new bridge loan to complete the sale quickly. Our interest rate was 8.99% for a 12-month term and loan-to-value of 51%. The deal was brought to us by a mortgage broker to whom we paid a commission of $10,000. This CRE bridge loan was funded in October 2019.
Funded By
Avatar Financial Group
Direct Bridge Lender for Commercial Real Estate Nationwide