Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
01/31/2020
Property Type
Hostel
Property City
Bend
Property State
OR
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
69%
Borrower's Contribution to Purchase
31%
Source of Borrower's Contribution
Cash
Interest Rate
8.5%
Broker Commission
$32,500
Deal Summary
Avatar Financial Group, a direct private mortgage lender, funded a $3.2M 1st lien position bridge loan to refinance a small hotel in Bend, OR. The Sponsors purchased this 20-room hotel in early 2019 in an all-cash deal and wanted an equity cash-out loan to buy out one of the partners in the project. Avatar was able to provide them with the cash required in the time period needed for a successful transaction for all parties. Our loan amount was 69% of the purchase price. The interest rate was 8.5% for a 12-month term. The deal was brought to us by a mortgage broker to whom we paid a commission of $32,500. This CRE bridge loan was funded in January 2020.