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» Coronado Hotel Gets A Bridge Loan To Retire A Construction Loan
Property Description:
| Loan Type: | Hard Money Loan Refinance Luxurious 17 Room Boutique Hotel 43% Coronado, CA $3,635,000 11% 2 Years None |
| Scenario: The subject consists of a luxurious boutique hotel with 17 guest rooms. The building was originally constructed in 1906 and completely renovated in 2009. The original construction lender failed and was taken over by another bank. This bank refused to extend the original term and commenced a foreclosure. A settlement was reached in exchange for release of property. Avatar Financial Group provided a bridge loan to pay down a $5.8 million construction loan and helped the borrower avoid losing the property. | |
