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Having owned the property since 2001, our sponsor recently finished a complete renovation of the subject property. The existing financing was due in in full and due to COVID-19 our sponsor's conventional lender notified our borrower that they could no longer finance the transaction. Avatar was able to refinance the ballooning loan and provide our borrower with two years to secure conventional debt. read more

Our sponsor approached Avatar with a cash-out funding request after receiving notice that their conventional loan had been placed on permanent hold due to the current environment. Avatar was able to provide our sponsor with the liquidity needed in less than a week. read more

Our sponsor's company occupies 100% of the subject property. Due to a family tragedy our sponsor was in need of assistance to refinance the existing debt that was in default and due in full. Avatar was able to refinance the debt in the time period requested and provide the term needed for our sponsor to increase cash flow and eventually exit with conventional financing. read more

Our sponsors purchased this 20-room hotel in early 2019 in an all cash deal and approached Avatar at year-end to provide a cash-out loan to buy out one of the partners in the project. Avatar was able to provide our sponsor with the cash required in the time period needed for a successful transaction for all parties. read more

Our borrower is a large nationwide developer of student housing with a portfolio of properties that was set to be refinanced in a year end securitization. The four properties in Avatar's portfolio are new construction and did not achieve the occupancy requirement of 90% by the securitization date and were dropped. With the loans coming due at year end the borrower was facing a possible default situation. Avatar was able to underwrite and fund the transaction within 30 days and meet the year end closing deadline. read more

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