Blanket Loans

In some circumstances, a borrower may own additional real estate. If there is sufficient equity in those properties to generate enough capital to meet Avatar's minimum equity (borrower cash investment) requirements, a client can buy a property without layout cash out of pocket. See the example scenario below for how that might work:

Subject Property
$1,000,000

Additional Real Estate
$2,000,000 (has $800,000 existing mortgage)

Total Collateral
$3,000,000

65% Avatar Loan
$1,950,000

Pay off existing mortgage
- 800,000

Balance
$1,150,000 (enough to buy the subject property and cover closing costs)

Apply for a Blanket Loan