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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
07/31/2019
Property Type
Property City
Baytown
Property State
TX
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
74%
Number of Units
79
Interest Rate
9%
Broker Commission
$17,000
Deal Summary
Avatar Financial Group, a direct private money lending firm, funded a $3,400,000 1st lien position refinance bridge loan secured by a 79-unit apartment building in Baytown, TX. The Sponsor purchased this multifamily property as part of a distressed sale in 2012. Since the purchase, the Borrower has invested in substantial capital improvements, successfully stabilizing the property along the way. Avatar was asked and was able to refinance the existing debt and provide cash out to the Borrower to use for another investment opportunity. Our interest rate was 9% for a 12-month term and loan-to-value of 74%. The deal was brought to us by a mortgage broker to whom we paid a commission of $17,000. This CRE bridge loan was funded in July 2019.
Funded By
Avatar Financial Group
Direct Bridge Lender for Commercial Real Estate Nationwide