Greenwich, CT (PressExposure) January 05, 2012 -- Avant Capital Partners (AVANT) has successfully closed a $1,600,000 bridge loan in Santa Monica, CA. The proceeds will be used to complete the acquisition of a vacant property which is to be an owner-occupied office upon renovation. This 12-month interest only loan features an attractive rate of 8.90% and is not subject to any prepayment penalty. The loan is secured by a first-trust deed against the property.
The subject property is ideally situated in a highly desirable Santa Monica neighborhood in the West Los Angeles submarket with easy access to public transit and major roadways. It is within walking distance from the ocean, the 3rd Street Promenade and Santa Monica Place Mall. This single story office building features attractive brick exterior and will have an efficient interior layout.
Amy Cheng, one of AVANT's managing principals, offered her insights on the deal. "The borrower came to us when the property was already under contract. They were seeking capital for a quick closing of the acquisition. We recommended closing the deal with a bridge loan, with the plan to replace it with lower cost permanent loan post acquisition. This way the borrower will not incur any prepayment penalty costs while AVANT also earned more time to complete formal underwriting for a permanent mortgage. As it turns out, we are also providing the refinancing loan through our SBA 504 program."
AVANT's direct Capital Bridge Program offers clients with properties in transition fast and convenient access to capital. The loan amounts range from $1,000,000 to $20,000,000 with up to 65% loan to value. The program targets New York, Connecticut, the rest of the northeast corridor, and core markets in Florida, Texas and California. Land and construction loans in New York and Southern California are under consideration.
For more information regarding the program, please follow the link below: http://www.avant-capital.com/content/bridge/index.html
About Avant Capital Partners - Avant Capital Partners is a capital advisor and lender for several institutional investors. The company provides commercial mortgages for stabilized and in-transition investment properties nationwide. They offer permanent financing solutions for stabilized assets and bridge or interim loans for properties that are in-transition. Avant Capital Partners originates commercial mortgages nationwide for multifamily, commercial and bridge loan transactions.