Santa Monica, CA

$4,325,000

Office

Refinance

04/03/2020
Transaction by
Avatar Financial Group
Avatar Financial Group, a direct private mortgage lending firm, funded a $4,325,000 bridge loan secured by an office building in Santa Monica, California. The Sponsor recently finished a complete renovation of the subject property. Their previous financing was due in 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.