Refinance Bridge Loan for Office Building in Santa Monica, California

Funded by Avatar Financial Group

$4,325,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

04/03/2020

Property Type
Office
Property City

Santa Monica

Property State

CA

Loan Term (months)

24

Lien Type

1st Mortgage

Payment Type

Interest Only

Property Value

$7,450,000

Loan-to-Value

58%

Interest Rate

8.74%

Broker Commission

$40,000

Deal Highlights

Due to the COVID-19 market turmoil, Borrower’s previous lender could not finance the transaction.
We refinanced the ballooning- it provided the Borrower an extra 2 years to secure conventional debt.

Deal Summary

Avatar Financial Group, a direct private mortgage lending firm, funded a $4,325,000 1st lien position bridge loan secured by an office building in Santa Monica, CA. The Sponsor recently finished a complete renovation of the subject property. Their previous financing was due in full, and due to the financial market turmoil caused by COVID-19, the conventional lender notified our Borrower that they could no longer finance the transaction. Avatar was able to step in and quickly refinance the ballooning loan which provided the Borrower with an extra 2 years to secure conventional debt. Our interest rate was 8.74% for a 24-month term. The estimated value of the property was $7,450,000 which resulted in a 58% loan-to-value. The deal was brought to us by a mortgage broker to whom we paid a commission of $40,000. This CRE bridge loan was funded in April 2020.

Funded By

Avatar Financial Group

Direct Bridge Lender for Commercial Real Estate Nationwide