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.