Recent Deals
» Prium Development Closes Quick $11,000,000 Loan in Kent, WA
Property Description:
Retail Shopping Center and Office Building in Kent, WA.
Prium Development Company of Kent, WA purchased a retail shoppping center and office building in November. Paying cash for the deal gave them an edge in the transaction. Now they wanted a quick cash-out refinance to free up working capital. While the company and property were both highly qualified, conventional lenders would take too long to complete the transaction. Prium wanted the cash quickly to accomplish other objectives.
Avatar Financial Group of Seattle, WA was a natural choice for a hard money commercial bridge loan. Avatar put together a lending package that was at once reasonable in cost and swift to completion. The new loan funded in early December, freeing up $11,000,000 in working capital for the active development company. The company plans to pursue a long term take-out shortly. With Avatar's no-prepayment-penalty loans, this option was a crucial element of Prium's decision to work with Avatar for their short term commercial finance needs.
View More Deals
