Our sponsor approached Avatar with a cash-out funding request after receiving notice that their conventional loan had been placed on permanent hold due to the current environment. Avatar was able to provide our sponsor with the liquidity needed in less than a week.
Having owned the property since 2001, our sponsor recently finished a complete renovation of the subject property. The existing financing was due in in full and due to COVID-19 our sponsor's conventional lender notified our borrower that they could no longer finance the transaction. Avatar was able to refinance the ballooning loan and provide our borrower with two years to secure conventional debt.