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» $18.8 Million Acquisiton Loan Funded in Under Three Weeks
Property Description:
Pelican Apartments - A Condo Conversion Project in Jacksonville, Florida
A few weeks ago, APD Custom Homes was in the final stages of approval with a conventional lender for a $33,000,000 loan. The loan would cover the acquisition of Pelican Apartments in Jacksonville, Florida and conversions of the apartments into condominiums. APD has another project in Panama City, FL that is about to go vertical. The land for this development is owned free and clear.
At the eleventh hour, the conventional lender insisted that the subject property be cross collateralized with the land in the first lien position to complete the loan. This would have put a stop to construction, as the construction lender required a first lien position to fund. With the situation unacceptable to APD, the Borrower walked away from the transaction. APD's broker, Donald J. contacted Avatar Financial Group for a loan to save the $1.5 million hard earnest money deposit which would be forfeited unless other funding could be found.
Avatar Financial Group funded the purchase in just under three weeks enabling the APD to move ahead with the purchase and conversion as planned. For fast, efficient funding of purchase and acquisition funding, please contact us at 888-886-0097 during Pacific business hours.
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