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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/30/2019
Property Type
Property City
Oakland
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
60%
Building Square Footage
24,000
Exit Strategy
Conventional Loan
Interest Rate
7.99%
Deal Summary
Avatar Financial Group, a direct private money lending firm, funded a $4,000,000 1st lien position bridge loan for the acquisition of a 24,000 square-foot industrial property in Oakland, CA. The seller had been operating as a dog daycare for 22 years and is known as a “Disney Land” for dogs. Longtime employees formed a cooperative to purchase the business in early 2019 and needed capital to acquire the property. Avatar was able to provide funding for the acquisition, providing the business with the runway needed to continue providing daycare, overnight boarding, and eventually secure conventional financing. Our interest rate was 7.99% for a 24-month term and loan-to-value of 60%. The deal was brought to us by a mortgage broker to whom we paid a commission of $40,000. This CRE bridge loan was funded in August 2019.
Funded By
Avatar Financial Group
Direct Bridge Lender for Commercial Real Estate Nationwide