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Shree Ganesh LLC - 100 Room Hotel, Portage, Indiana

Posted by Avatar Financial

Avatar provided purchase money financing to this Borrower in 2012.  Avatar’s financing was paid as agreed and refinanced with conventional debt.  The Borrower’s current CMBS debt with an original balance of approximately $5MM has been paid down to $4.2MM.  The current loan was placed in special servicing in the midst of Covid and eventually in default.  Avatar’s loan will refinance the current debt and allow the Borrower time to stabilize the property as traveling returns to normal.  The Borrower is just completing a $700,000 renovation to the property.  At closing Avatar will withhold funds sufficient to complete said renovation.  The Guarantor’s bank statements show $765,000 of cash. 

  • Loan Amount:
- 280,000  Improvement Reserve
$4,320,000  Initial Funding
  • Value:
$6,700,000  As Is
$8,000,000  As Stabilized
  • LTV:
65% at Initial Funding  
58% Fully Funded as Stabilized
  • Interest Rate:
9.99%  Charged to Borrower
1.99%  Avatar Service Fee  
8.00%  Return to Investor
  • Term:
2 Years

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