Bridge Loan Secured for Apartment Building Acquisition Prior to Construction Loan

In May of 2021, Commercial Capital BIDCO closed on the acquisition of a soon-to-be-developed apartment building within an Opportunity Zone in North Carolina where our client purchased the property for $850,000.00. The client needed a bridge loan for the acquisition of the 54-acre property so that he could keep it secured while working on the construction loan. We were able to close this loan at the amount of $425,000.00 in just three weeks from start to finish. This was an excellent opportunity for our client while waiting on future funds to be secured for construction and updates.


Cash Out Refinance Closed for Client Purchasing Golf Course in Georgia

On August 16, 2021, our client closed on a cash out refinance of a recently purchased golf course located in Georgia with a size of 190.04 total property acres. Funds from the cash out refinance were used to purchase maintenance equipment needed for the course and provide working capital. Our client plans to seek permanent financing with a local bank once one year of ownership has been obtained. The property is valued at $2,498,339.00 and the full loan amount for this deal was $840,000.00 with an LTV of 34% and a LTC of 56%. 


Commercial Capital BIDCO Closes a Cash-Out Refinance in 3 Days for New Client

Commercial Capital BIDCO Closes a Cash-Out Refinance in 3 Days for New Client

In November of 2021, we closed on a cash-out refinance of a single-family residency in Greensboro, Georgia. The long-term rental home is a lake property and that area is a very popular vacation site for people in that region. The rental is a 5-bedroom, 4.5 bath property with sweeping views of the lake.

 

This loan was closed in just 3 days and was conducted for a new client of ours here at Commercial Capital BIDCO. This particular client needed to close in three days due to another lender dropping the ball on the deal last minute. Reports and other documents were ready once we took over the deal and this allowed us to quickly complete the transaction and get the client the funding they needed when they needed it.

 

The loan term for this deal is 6 months and we have first lien position on the property. The requested amount was $1,695,000 and the appraisal value of the property as of October 21, 2021 was $2,600,000. This property is 65% LTV.

 

The client will now be using the home as a rental property that at the time of closing had an executed 12-month lease agreement. The cash-out received by the client was used as a down payment on a separate investment property.


Fabrication company restructuring post-bankruptcy

Loan amount - $550K
Collateral: real estate and rolling stock

This loan was to a 30-year-old company with 15 employees and allowed the company to purchase their rolling stock and real estate out of bankruptcy in order to keep the business going. The owners of the company had a long history of success, but an unforeseen issue disrupted their business. We were able to provide the capital to re-launch what had been a very successful endeavor.


Build-out and working capital for Cannabis company

Loan amount - $1,500,000
Collateral: real estate and equipment

This loan provided the buildout and working capital needed to launch a medical and recreational cannabis facility in Michigan. The borrowers are very experienced, so we were able to cash-out their existing assets to provide the capital needed to launch the new location.


Build-out and working capital for start-up cabinet manufacturer

Loan amount - $2,300,000
Collateral: real estate

This loan provided build-out and working capital funds to a start-up cabinet manufacturer in middle Tennessee. The borrower previously paid cash for the real estate and equipment and also had other paid off real estate investments. We were able to cross-collateralize the loan to provide the needed capital to get the company off the ground and provide 15 jobs in a local community.