Office Building Closes Cash Out Refinance in Tupelo, Mississippi
In May of 2024, our client closed on the cash-out refinance for their commercial office building and property in Tupelo, Mississippi. The structure is the current home of a Social Security Administration office and totals 14,793 square feet while the property spans 3.72 acres. Funds from this deal will be used to pay off senior debt on the subject property, and to replenish liquidity to support the purchase of a separate deal. The total loan amount was $1,625,000. The LTV for the deal was 43%. We loved working this deal as we have roots in the Mississippi area. Seeing another commercial property have the ability to pay off current debt and positively adjust their growth strategy is why we enjoy what we do as direct commercial lenders.
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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!