Baytown, TX

$3,400,000

Multifamily

Equity Cash Out

07/31/2019
Transaction by
Avatar Financial Group
Avatar Financial Group, a direct private money lending firm, funded a $3,400,000 refinance bridge loan secured by a 79-unit apartment building in Baytown, Texas. 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.