New Mexico, NM

$1,000,000

Multifamily

Refinance

10/31/2019
Transaction by
Avatar Financial Group
Avatar Financial Group, a direct private money lending firm, funded a $1,000,000 bridge loan to refinance a multifamily property in New Mexico. The Sponsor received and accepted an offer to sell this 30-unit apartment complex in New Mexico. The buyer 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. Avatar 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.