Customer Closes on Commercial Property in Birmingham, Alabama

Birmingham, Alabama has been witnessing a resurgence in the last decade across multiple industries including food and beverage, hospitality, and entertainment thanks to the redevelopment of several regions throughout the metro area. Knowing just how well one could prosper in the heart of Birmingham, our borrowers set out to purchase a building downtown next to a thriving nightlife scene for the purpose of reopening the pre-existing restaurant along with plans for upgrades that would appeal to the already established customer base. 

Our borrowers closed on the purchase of the 795 square foot commercial property in Birmingham, Alabama in November of 2023 with a requested loan amount of $650,000.00. The LTV with the deal was 61%. In addition to the purchase of the current restaurant located at the property, loan proceeds will also be used to fund renovations such as cosmetic upgrades and a new HVAC system. In order to get this deal locked in and fully fund the improvements, we needed to get creative and was able to have additional liens placed on two other buildings owned by one of the guarantors - both located in the Birmingham area. 

"Working with the borrowers, Justin and Eric, was a pleasure. Seeing firsthand the passion they have for this project and the city of Birmingham was an inspiration," says David Runge, Business Development Manager for Commercial Capital BIDCO. Jeff Luker, Commercial Capital BIDCO VP and COO, echoed similar sentiments stating, "Seeing the revitalization of key cities across the country is part of the 'why' for what we do. We love being at the core of these investors' successes and seeing their goals align." 


Smooth Sailing in Florida With a Cash-Out Refinance

A long-time client to Commercial Capital BIDCO closed on a cash-out refinance of two commercial properties in Florida in August of 2023. One is located in Destin, Florida while the second is located at Steamboat Landing in Freeport, Florida. Loan proceeds from this deal will be used to pay taxes due on the sale of assets previously owned by the client. The requested loan amount for this deal was $765,000 with a LTV of 65%. This deal was closed and funded in just 30 days. We thank this client for their repeat business and look forward to many more "smooth sailing" deals in the future!

 


Cash Out Refinance in New Britain, Connecticut

The northeast is still a hot spot for commercial investments and real estate purchases for entrepreneurs as well as developers. As such with this deal, the borrower here was able to close on a cash-out refinance of a commercial property located in New Britain, Connecticut in September of 2023. The property is currently leased by a technical institute, however the loan proceeds from this cash-out refinance will be used to pay off the current note, provide funds to pay past due income taxes, provide funds for real estate acquisitions, and to provide funds for the property to build out a new parking area. The requested loan amount for this deal was $720,000 with a LTV of 65%. The property is 15,542 square feet and sits on 2 acres.


Upscale Wine Lounge Closes Cash Out Refinance in Pennsylvania

In September of 2023, our client closed on a cash-out refinance of an upscale wine lounge located in the beautiful borough of Rankin, Pennsylvania - just 10 miles south of Pittsburgh. The wine lounge provides a unique experience for special occasions, celebrations, date nights, friend gatherings, and more. The lounge also features multiple rooms and spaces to relax, gather, and unwind. Live music is featured throughout the week and a full dinner menu is available nightly. Our client has built an excellent path to success by incorporating unique concepts and an upscale feel for their customers.

Loan proceeds will be used to pay off a portion of their current debt as well as provide funds for upgrades and provide working capital. The requested loan amount for this deal was $2,650,000.00. The LTV was 59% and the size of the lounge is 14,000 square feet.  

 

 


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%


Refinance Closed for Partner Buyout in Ohio

In December of 2022, our client closed on the refinance of a current loan on their commercial property in Butler, Ohio. The loan proceeds are also being used to buyout the principle’s former business partner. Time was of the essence with this deal and we were happy to assist with a quick closing. 

Requested amount: $540,000  //  Property size is 51.013 acres  //  LTV at 48%

 


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%


$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%.  

 


Client Closes on Office Suite in North Carolina

Commercial Capital BIDCO's client closed on the purchase of a 1,600 sq. ft. office suite in Huntersville, North Carolina on April 11, 2022. The property will be owner-occupied with the borrower moving all operations of their company from a leased space. The requested loan amount for this deal was $256,750.00 with an LTV of 65%.


Refinancing Deal for Tennessee Manufacturing Plant

We were able to help our client close on the refinance of a cloth materials manufacturing property and the accompanying land on June 1, 2022 in Church Hill, Tennessee. The client was excellent to work with and we were able to close quickly on this 283,197 sq ft property along with the 167.55 acres. The LTV with this deal was 63% and requested loan amount was $3,022,500.00.

A portion of the loan was used to pay off existing loans, and the remaining portion was used as working capital.