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%
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%
Residential Property in Tennessee Closes in 14 Days
Commercial Capital BIDCO's client was able to close on the refinance of a residential property in Columbia, Tennessee in April of 2022. The client used a portion of the loan to buy out an investor while the other portion will be used to finish construction of the house. The requested loan amount was $250,000.00 and we were able to get this closed in just 14 days.
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 on South Carolina Restaurant Closes
A Summerville, South Carolina client closed on the refinance of their 6,132 sq. ft. restaurant on April 22, 2022. We were excited to help our client on this deal. The refinanced funds will be used to complete the construction of their restaurant and make any other improvements moving forward. The requested loan amount for this deal was $975,000.00 with an LTV of 55.7%.
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.