Office Building Closes Cash Out Refinance in Tupelo, Mississippi
In May of 2024, our client closed on the cash-out refinance for their commercial office building and property in Tupelo, Mississippi. The structure is the current home of a Social Security Administration office and totals 14,793 square feet while the property spans 3.72 acres. Funds from this deal will be used to pay off senior debt on the subject property, and to replenish liquidity to support the purchase of a separate deal. The total loan amount was $1,625,000. The LTV for the deal was 43%. We loved working this deal as we have roots in the Mississippi area. Seeing another commercial property have the ability to pay off current debt and positively adjust their growth strategy is why we enjoy what we do as direct commercial lenders.
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Borrower Receives Loan Extension for Fast Food Chain's Commercial Property
The fast food industry has continued its booming growth through the decades and the appeal for high-quality meals on-the-go reigns supreme across multiple generations around the country.
Looking to fund this ever-growing industry is always a sweet spot of ours here at Commercial Capital BIDCO. We're grateful to our borrower for a clean process! In October of 2023, our client closed on the extension of a loan for a commercial property located in Manhattan, Kansas at a requested loan amount of $1,040,000.00 with an LTV of 65%. The property itself is currently leased by a fast food chain and will continue this line of business in addition to implementing renovations thanks to the loan proceeds made possible with the loan extension. The renovations will enable the commercial building to receive its certificate of occupancy and the fast food chain can continue operations.
Looking to franchise a restaurant or start a fast food business in your area - we work across the United States to provide funding opportunities when your primary lender is not able to. Let's talk through your goals and plans today! Reach out to us on our website: https://commercialcapitalbidco.com/apply/
CLOSED: Current Debt Refinance
In July of 2022, our client closed on the refinance of current debt. The collateral properties for the deal are located in Elk Rapids, Michigan and Williamsburg, Michigan. The loan proceeds are being used to pay off the current debt on the properties and provide working capital to provide improvements on the Williamsburg property. The requested loan amount for this deal was $1,834,000.00. The property size is 4,686 square feet situated on 68 acres. The LTV was 56%.