Client closes on Cash Out Refinance for Golf Course in New York
Our client closed on the cash out refinance of a golf course and clubhouse located in Darien Center, New York in June of 2023. The loan proceeds from the cash out refinance will be used to pay off a note totaling an estimated $900,000. The remaining proceeds will be used as working capital as the client makes preparations for property updates and maintenance on the 18-hole, par 72 course as well as the clubhouse and other structures.
The loan-to-value for this deal was 34% with the client requesting $1,050,000. The property sits on a total of 159.7 acres and the combined building size sits at 20,335 square feet.
We know that taking the time to find a direct lender who can fund your deal is "par for the course," but cut the search short and give Commercial Capital BIDCO a call today! We would be honored to talk through your deal and find the lending solution that suits your goals.
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Cash-Out Refinance Helps Client Pursue Projects on Raw Land
In December 2022, our client closed on the cash out refinance of an existing loan. The loan proceeds for this deal will be used to pay off not only current debt, but will also provide working capital for our client to pursue other projects. The collateral property is located in Nashville, Tennessee. While LTV for raw land is lower, we love working raw land deals because the possibilities for our clients are endless!
Requested amount: $6,000,000 // Property size at 120.57 acres of raw land // LTV at 35%