Avatar Financial Group LLC has granted $12 million in financing for two upscale beachfront homes located in Manhattan Beach. This bridge loan, which spans over a period of two years, accounts for 35% of the combined loan-to-value.
The collateral for this debt is secured by two properties: 2020 The Strand and 2016 Ocean Dr. Both houses are situated in the Sand Section of Manhattan Beach, a highly sought-after neighborhood known for its beach access, ocean views and expensive real estate market.
The borrowers are private investors who manage a global holding and investment group. They intend to use the funds for business purposes. According to T.R Hazelrigg IV, President of Avatar Financial Group LLC: “We have observed consistent strength in popular coastal markets such as Manhattan Beach where there is still significant demand for premium properties despite fluctuations within the broader market.” He further added that their flexible financing options enable them to assist investors looking to leverage high-value real estate while also maintaining liquidity for other business ventures.
This news was originally published on Connect CRE.
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