Avant Capital Partners (AVANT), a nationwide real estate investment bank, has launched a new small-balance bridge lending program. Under the new platform, AVANT will originate high-yield debt secured by commercial real estate, with a focus on the Northeast corridor and the state of Texas.
The firm will originate bridge loans secured by multifamily, light industrial, office and retail. The bridge program is designed to meet the needs of borrowers purchasing or holding properties that are being repositioned, re-tenanted, improved or otherwise redeveloped with a clear exit strategy for loan repayment, AVANT says.
‘This platform positions AVANT to assist clients seeking quick closings," says Jeffrey Weingart, a principal at AVANT. "The program is not meant for all circumstances, so we continue to offer lower-priced conventional debt financing and equity placement services.’
The new lending program may be useful for discounted note purchases and/or recapitalizations of underwater assets, as well as the sale-leaseback of property to avoid foreclosure, the company explains.
The lending program offers loan amounts between $250,000 and $5 million, fixed interest rates from 12% to 15% and loan fees from 3% to 6%.
SOURCE: Avant Capital Partners