» $8.75MM Custom Home & Duplex - UT
Posted by Loan Closed
Our sponsor had secured conventional financing and was issued loan documents when their bank ceased all new closings.
Choosing to conserve liquidity, given the current environment and uncertainty in the credit markets, they approached Avatar to fund the completion of the current project and enable progress on other building endeavors. Avatar was able to close the loan in a time frame that prevented interruption in the construction timeline for this high end luxury spec home and provide our sponsor with the capital needed to move forward.
- Loan Amount: $8,750,000
- Interest Rate: 9.99%
- Term: 18 months