Georgia Golf Club Client Renews Loan for 2023
In January of this year, our client closed on the renewal of a previous loan they held with us. The original loan was a cash-out refinance on a golf course located in Bishop, Georgia that was secured in late 2021. The initial loan was used to purchase maintenance equipment as well as provide working capital. The renewal will continue to aide in the owner's focus of getting the recreational property in its best condition prior to securing a permanent financing solution.
The property is approximately 190 acres and includes a total building square footage of 6,665 sq. ft.
We are excited to renew their previous loan at a sum of $1,348,000.00.
$900k+ Closed in Mount Dora, Florida
In September 2022, our client closed on the purchase of an office building located in Mount Dora, Florida. The subject property will be primarily owner-occupied with two additional tenants. The requested loan amount for this deal was $908,200.00. The property size was 4,040 square feet situated on 0.50 acres. The LTV was 65%.
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.