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Avatar Financial Provides Bridge Loan for Two Oregon RV Parks
Avatar Financial Group LLC has funded a $ 4.37 million bridge loan secured by two income-producing RV parks located in Coos Bay and Boardman, Oregon.
Structured with a two-year term and a combined net loan-to-value ratio of 44%, the financing was used to refinance existing debt and provide the sponsor with cash-out proceeds to renovate other properties in their broader portfolio. The borrower is an experienced operator of mobile homes and RV parks throughout Washington and Oregon.
The collateral consists of two RV parks positioned along popular travel corridors in Oregon’s scenic coastal and riverfront regions. Lucky Loggers RV Park, located at 250 E. Johnson Ave., is a 78-site RV park near downtown Coos Bay and the Port of Coos Bay. At 800 W. Kunze Lane in Boardman, Driftwood RV Park & Resort features 110 pull-through sites. Once renovations at the additional parks are complete and income stabilizes, the borrower plans to refinance the Avatar loan via permanent financing.
