Long Time Client Secures $500K Commercial Loan in 15 Days
Commercial Capital BIDCO worked with a long-time real estate investment and hospitality client from the Florida panhandle to secure a $500,000 commercial loan that would allow the client to obtain working capital for another business venture. Our team was able to close this deal on a 5,000+ square foot beach vacation rental in just 15 days. We were thrilled to knock out this deal for our client after having a long-term relationship with them and we were able to provide an exception to our 65% LTV maximum and work this deal at 70% LTV due in part to their excellent repayment history.
Are you a real estate investor or have a commercial deal that you would like our CCB team to review? Reach out to us today through our website by submitting an inquiry here.
CCB Repeat Client Closes On Purchase of Land for Future Flex-Space Building
Based in Bowling Green, Kentucky, a repeat client of Commercial Capital BIDCO closed on the purchase of three industrial lots totaling 2.86 acres at a price of $1,400,000 and an LTV of 61%. The lots will become home to a 30,000 square foot flex-space facility that will cater to contractors, suppliers, and retailers in the area. In order to lock this deal in quickly, our credit team was able to cross-collateralize currently owned properties as well evaluate the schedule of the real estate - allowing us to determine the best package that would give enough equity to make the purchase happen. This deal closed just within a month after receipt of information and reports ordered.
Do you currently own property but are not sure how to build a strategy that makes sense for your next commercial real estate investment? Let our team review your deal! Send us an inquiry on our website at CommercialCapitalBidco.com today.
Bridging the Gap for Business Expansion
Commercial Capital BIDCO especially loves helping our local Tennessee customers, and our recent deal in Erwin, Tennessee is a perfect example. We helped this customer consolidate debt on their existing machine shop and industrial business as well as consolidate some notes from a recent acquisition. An interest-only bridge loan in the amount of $1,700,000 was the perfect option for the client as they work toward an SBA loan as the permanent solution. See how our team at CCB can help your business secure the financing it needs to grow at www.commercialcapitalbidco.com.
Client Completes Cash-Out Refinance in Detroit, Michigan
Our client recently completed a cash-out refinance on a multifamily property located in Detroit, Michigan. The loan amount for this deal is $1,050,000 with a combined LTV of 55%. A second property located in a similar area of Detroit, Michigan was also used as collateral to provide the necessary funds to pay off the current mortgage. Comprised of 17 units, the property will also have several renovations as part of the used funds received from this deal.
We are proud to be serve a small role in the revitalization of the great Detroit area. Our team loves to review deals that can have an instrumental impact in the growth and success of its surroundings.
Want to see if your deal is a fit? Send in your deal today so we can review! Submit a deal inquiry here: https://commercialcapitalbidco.com/apply/
Three Female-Owned Michigan Dispensaries Receive Funding
In June of 2023, our client closed on a loan to fund the acquisition of three cannabis dispensaries, as well as to provide the working capital needed to not only stock each of the dispensaries with necessary inventory but to also improve overall curb appeal of each dispensary. The requested loan amount for this deal was $7,350,000 across the three dispensaries.
The properties are located within three cities in Michigan including Spaulding, Manistee, and Benzonia. These properties are female owned and this deal was able to save 36 jobs! We are so proud to have been able to provide the funding needed to bring their inventory up-to-date, increase their curb appeal for their locations as well as save valuable jobs in these communities.
Want to learn more about we can get you the funding you need to reach your commercial investment goals? Inquire today on our website by clicking here.
Kansas Restaurant Closes Cash Out Refinance
Kansas is known for their stellar restaurants and hospitality! We truly enjoyed helping our client to close on a cash-out refinance of a single-tenant restaurant located in Manhattan, Kansas in March of 2023. The funds for this deal will be used to pay down a seller’s note, which will then entitle them to the rent paid by the tenant. This loan request was $975,000.00 and had a 65% LTV. The property sits on .59 acres and includes a total of 2,556 square feet.
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.
Client Increases Existing CCB Loan for Build Out and Renovations
In August of 2022, our client closed on the increase to an existing Commercial Capital BIDCO loan that will allow them to complete the buildout of a cannabis cultivation facility. The collateral property is located in Iron Mountain, Michigan and the loan proceeds are being used to cover the finishing touches on the subject property’s renovation.
Requested Amount: $1,650,000 // Property Size at 8,850 sq. ft. on 0.83 acres // LTV at 51%
Indoor Grow Facility Secures Funding for Improvements in Oregon
Cannabis and grow facilities can run into speed bumps when looking for lenders who understand their specific needs as well as their state's laws. We were thrilled to help our client close on the refinance of a cannabis grow facility in December of 2022. The collateral property is located in Dallas, Oregon. The loan proceeds from this deal will be used to pay off the initial investors and allow for improvements to be made to the indoor grow facility.
Requested amount: $1,550,000 // Property size is 15,000 sq. ft. on 122 acres // LTV at 63%
Three Collateral Properties Closed in Georgia
In December of 2022, our client closed on a loan for the purchase of three properties. All collateral properties are located in Oakwood, Georgia. With this transaction, we were also able to lock in a 1031 Exchange - allowing our client to defer their capital gains tax by swapping one real estate property for another. We loved that this particular deal had a unique factor to it!
Requested amount: $940,500 // Property size consisted of 1.6 total acres // LTV at 65%