Rancho Murieta, CA

$1,500,000

Retail

Equity Cash Out

04/03/2020
Transaction by
Avatar Financial Group
Avatar Financial Group, a direct private money lending firm, funded a $1,500,000 bridge loan to refinance a grocery store retail property in Rancho Murieta, 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 markets 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.