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%
Refinance Closed for Partner Buyout in Ohio
In December of 2022, our client closed on the refinance of a current loan on their commercial property in Butler, Ohio. The loan proceeds are also being used to buyout the principle’s former business partner. Time was of the essence with this deal and we were happy to assist with a quick closing.
Requested amount: $540,000 // Property size is 51.013 acres // LTV at 48%
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%
Bridge Loan Secured for Apartment Building Acquisition Prior to Construction Loan
In May of 2021, Commercial Capital BIDCO closed on the acquisition of a soon-to-be-developed apartment building within an Opportunity Zone in North Carolina where our client purchased the property for $850,000.00. The client needed a bridge loan for the acquisition of the 54-acre property so that he could keep it secured while working on the construction loan. We were able to close this loan at the amount of $425,000.00 in just three weeks from start to finish. This was an excellent opportunity for our client while waiting on future funds to be secured for construction and updates.