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Our Borrower's are foreign nationals. Avatar's loan will provide funds to complete entitlements on an investment lot in Laguna Beach as well as a 1-year interest reserve. Our Borrower's anticipate completion of entitlements during the term of our loan. Once entitlement are completed the Borrowers plan to sell the Laguna lot and refinance the Arcadia house. read more

The subject property has been owned by our Sponsor since the 70's and has been in operation as an independent property targeting budget minded guests. The property is located a few blocks from the Niagara Falls state park and in a district that serves the tourist market. About 2 years ago, a complete gut remodel began which included adding 6 rooms and a restaurant. The finishes are high end with mobile check in. The target market is couples who are willing to pay on the higher end of the ADR for the market. In the midst of the remodel COVID struck and the Bank was unwilling to continue funding the construction. The Sponsors used all available personal resources and credit facilities to finish the project. The remodel of the hotel is complete and is expected to be open for guests by this Memorial Day weekend. The opening of the restaurant/bar is expected to be open in mid-June. read more

SM Watt is a real estate holding Company that owns the subject property and leases it to a related party called Recycling Industries owned by our Guarantors. The tenant is one of California's largest recycling companies and has been in business for over 35 years. Though the holding Company is current on its payments, business was down for the recycling company in 2020 and the tenant did not meet a loan covenant. The current lender has declared the loan in default. Avatar's loan will payoff of the current real estate mortgage and line of credit of the tenant. Once Avatar's loan has funded the Company will seek a conventional refinance or sale of the property. read more

A first lien on Best Western Plus Portage Hotel & Suites located at 6200 Melton Road Portage, Indiana read more

The property is currently owned free and clear and is in excellent condition with numerous recent upgrades. The property is on a quiet residential street and each unit has its own covered parking spot. The guarantor is purchasing an investment property in Texas and will be utilizing the cash out as part of the down payment. The guarantor has excellent credit and strong net worth. The borrower will retire Avatar's debt with a conventional refinance. read more


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