Bend, OR

$3,250,000

Hostel

Equity Cash Out

01/31/2020
Transaction by
Avatar Financial Group
Avatar Financial Group, a direct private mortgage lender, funded a $3.2M bridge loan to refinance a small hotel in Bend, Oregon. 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.