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» Free & Clear Mobile Home Park gets owner $3 million cash out

Closed on 10/17/08

Property Description:

355 Pad Mobile Home Park with community center and pool

mobile_home_park_layton_utah_400 

The borrowers wanted to capitalize on the current market conditions and purchase other real estate. 100% of the loan proceeds were being used for cash out.  In this current economy conventional banks do not allow for more than 20% of the loan proceeds.  Avatar’s loan allowed the borrower to release equity in this property in order to purchase other real estate.  The loan was closed in less than two weeks, our typical turn around time to fund new loans. 

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