Refinance Bridge Loan for Grocery Store in Rancho Murieta, Sacramento County, California

Avatar Financial Group, a direct private money lending firm, funded a $1,500,000 1st lien position bridge loan to refinance a grocery store retail property in Rancho Murieta, CA, a small community East of Sacramento. The Sponsor’s mortgage broker approached Avatar with a cash-out funding request after receiving notice that their conventional loan had been placed on permanent hold due to the financial market environment caused by the Pandemic. Avatar was able to provide the liquidity needed in less than a week. Our interest rate was 9% for a 12-month term. The estimated value of the property was $10,000,000 which resulted in a very conservative 15% loan-to-value for our loan. The deal was brought to us by a mortgage broker to whom we paid a commission of $15,000. This CRE bridge loan was funded in April 2020.