Avatar's Blog
» Purchasing Medical Office Space with Hard Money
Purchasing a medical office, clinic, or hospital can take months through convtional means. The due diligence process can stall a closing more than a year in some cases. If you need to complete the purchase of a medical facility quickly, consider a hard money commercial bridge loan from Avatar Financial Group.
As one of the lowest cost bridge lenders in hard money, Avatar can fund 65% of the purchase price of a medical facility in about two weeks. Reasonable due diligence process includes an appraisal, inspection, site visit by Avatar representative, financial document review, legal, document preparation and escrow costs. Depending on the dollar volume involved, the costs of due diligence, which are due at the signing of a Term Sheet and Letter of Intent before closing, are approximately $5,000. Rates vary, starting at prime +7% and 4pts. Terms run from 1-3 years, providing ample time to refinance with conventional banks or commercial mortgage firms.
