Avant-Capital Partners has just announced a private money program that addresses the need for quick closings. This program allows investors to close in 5-10 days with no 3rd party reports. Avant-Capital relies on an internal valuation analysis to decide whether to approve a loan request.
Additional details:
- Refinance unencumbered real estate quickly to gain equity for opportunistic acquisitions
- Discounted note purchases and/or recapitalizations of under-water assets
- Quick closing to opportunistic acquisitions (no appraisal required)
Basic parameters of the lending program are:
Loan amounts from $250,000 to $5,000,000
Fixed interest rates from 12.00% to 15.00%
Loan fees from 3.00% to 6.00%
50% to 70% LTV
6 to 18 month terms, with extensions
Properties located in Northeast corridor and Texas. Other core markets will be considered.
Property types under consideration include multifamily, industrial, office & retail
No appraisal required
Closing timeframes range from five to fifteen days.
[See: Drawing to a Quick Close, GlobeSt.com, March 22, 2010].
