Recent Deals
» $1,620,000 “Overnight” Bridge Loan for Lord Chumley
Property Description:
Lord Chumley's Restaurant: Office Building, Row Houses, and Restaurant, Buffalo, NY
It was a great deal on a landmark restaurant in Buffalo, NY and experienced restaurateur, Bill Goodhue was looking forward to adding this historic property to his portfolio. Constructed out of three Neoclassical row houses, the property was being sold in a distressed situation and the price was right. But, after putting down the earnest money, obtaining a mortgage was a problem. Conventional lenders wanted a couple of years’ of profitability in the new location.
The broker turned to Avatar Financial Group for super-fast funding to save the deal. Avatar created a blanket loan covering an office building, two restaurants, and five row houses with apartments. The earnest money was saved and the deal was completed on time.
Next time you’re in Buffalo, check out Lord Chumley’s. Reviews indicate you’ll find some great food in elegant dining rooms around a cobblestone courtyard.
