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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
11/15/2019
Property Type
Property City
Irwindale
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
63%
Occupancy at Closing
All Units Occupied
Exit Strategy
Conventional Loan
Interest Rate
8.0%
Broker Commission
$90,000
Deal Summary
Avatar Financial Group, a direct private money lending firm, funded a $9M bridge loan to refinance an owner-occupied office building in Irwindale, CA. Due to a family tragedy, our Sponsor was in need of assistance to refinance the existing debt that was in default and due in full. Avatar was able to refinance the debt in the time period requested and provide the term needed for the Sponsor to increase cash flow and eventually exit with conventional financing. The Sponsor’s company occupies 100% of the property which is situated in the San Gabriel Valley of Los Angeles County. Our interest rate was 8.0% and loan-to-value was 63%. The deal was brought to us by a mortgage broker to whom we paid a commission of $90,000. This CRE bridge loan was funded in November 2019.
Funded By
Avatar Financial Group
Direct Bridge Lender for Commercial Real Estate Nationwide