Commercial Capital BIDCO Closes a Cash-Out Refinance in 3 Days for New Client

Commercial Capital BIDCO Closes a Cash-Out Refinance in 3 Days for New Client

In November of 2021, we closed on a cash-out refinance of a single-family residency in Greensboro, Georgia. The long-term rental home is a lake property and that area is a very popular vacation site for people in that region. The rental is a 5-bedroom, 4.5 bath property with sweeping views of the lake.

 

This loan was closed in just 3 days and was conducted for a new client of ours here at Commercial Capital BIDCO. This particular client needed to close in three days due to another lender dropping the ball on the deal last minute. Reports and other documents were ready once we took over the deal and this allowed us to quickly complete the transaction and get the client the funding they needed when they needed it.

 

The loan term for this deal is 6 months and we have first lien position on the property. The requested amount was $1,695,000 and the appraisal value of the property as of October 21, 2021 was $2,600,000. This property is 65% LTV.

 

The client will now be using the home as a rental property that at the time of closing had an executed 12-month lease agreement. The cash-out received by the client was used as a down payment on a separate investment property.