Equity Cash-Out Bridge Loan for Hotel in Bend, Oregon

Funded by Avatar Financial Group

$3,250,000

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.

Funded By

Avatar Financial Group

Direct Bridge Lender for Commercial Real Estate Nationwide