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» Avatar Cross Collateralizes to get the borrower a larger loan

Closed on 6/25/08

Property Description:

$3.1 million blanket loan on an office building and a newly constructed luxury investment residential on a 2.5 acre wooded lot

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Our borrower operates a successful contracting company and had in excess of $4 million of his own cash into the construction of this single family residence.  Due to current market conditions, the borrower was unable to refinance the construction loan on the residence.  With additional collateral to pledge, Avatar was able to get the borrower the funds needed to payoff the construction loan and set up a 6 months interest reserve while the property sells.

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