Our sponsor purchased this luxury SFR in mid-2020 with significant cash down and had planned to make cosmetic upgrades before flipping the property. Due to COVID-19 our sponsor's primary business experienced a cash flow deficit, preventing our sponsor from completing the property improvements and placing the property in default. Avatar's loan will allow the sponsor to refinance existing debt and provide payment reserves to allow for the sponsor to flip the property this year.

• Loan Amount: $6,100,000
• Broker's Commission: $91,000
• LTV: 65%
• Interest Rate: 10%
• Term: 6 Months