Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/31/2019
Property Type
Retail
Property City
Dayton
Property State
OH
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Source of Borrower's Contribution
Cash
Interest Rate
8.99%
Broker Commission
$22,000
Deal Summary
Avatar Financial Group, a direct private mortgage lender, funded a $1,400,000 1st lien position bridge loan for the acquisition of a retail center in Dayton, OH. The Sponsor is a foreign national investor that required a quick close. Avatar was able to provide the funds requested to close the transaction prior to the year-end deadline. The Sponsor contributed 30% cash to the closing, and Avatar funded 70% of the purchase price. Our interest rate was 8.99% and the loan term was 24 months. The deal was brought to us by a mortgage broker to whom we paid a commission of $22,000. This CRE bridge loan was funded in December 2019.