Three Collateral Properties Closed in Georgia
In December of 2022, our client closed on a loan for the purchase of three properties. All collateral properties are located in Oakwood, Georgia. With this transaction, we were also able to lock in a 1031 Exchange - allowing our client to defer their capital gains tax by swapping one real estate property for another. We loved that this particular deal had a unique factor to it!
Requested amount: $940,500 // Property size consisted of 1.6 total acres // LTV at 65%
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.