Deal Details
Private Loan Type
Refinance
Approx. Funding Date
04/03/2020
Property Type
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 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.