Client Completes Cash-Out Refinance in Detroit, Michigan
Our client recently completed a cash-out refinance on a multifamily property located in Detroit, Michigan. The loan amount for this deal is $1,050,000 with a combined LTV of 55%. A second property located in a similar area of Detroit, Michigan was also used as collateral to provide the necessary funds to pay off the current mortgage. Comprised of 17 units, the property will also have several renovations as part of the used funds received from this deal.
We are proud to be serve a small role in the revitalization of the great Detroit area. Our team loves to review deals that can have an instrumental impact in the growth and success of its surroundings.
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Three Female-Owned Michigan Dispensaries Receive Funding
In June of 2023, our client closed on a loan to fund the acquisition of three cannabis dispensaries, as well as to provide the working capital needed to not only stock each of the dispensaries with necessary inventory but to also improve overall curb appeal of each dispensary. The requested loan amount for this deal was $7,350,000 across the three dispensaries.
The properties are located within three cities in Michigan including Spaulding, Manistee, and Benzonia. These properties are female owned and this deal was able to save 36 jobs! We are so proud to have been able to provide the funding needed to bring their inventory up-to-date, increase their curb appeal for their locations as well as save valuable jobs in these communities.
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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%
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%.
FUNDED: Cannabis Cultivation Facility
In August 2022, we closed on a loan 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. The requested loan amount for this deal was $761,150.00. The property size is 8,850 square feet situated on 0.83 acres. The LTV was 65%.