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%.