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.
Want to learn more about we can get you the funding you need to reach your commercial investment goals? Inquire today on our website by clicking here.
Taking a Deal to the Finish Line: A Marketer’s Perspective
Commercial Capital BIDCO's Marketing Director, Leah Runge Waldrop, was recently featured in Deal Maker Magazine's latest issue. In this article, Leah was able to share her perspective on Marketing's role when it comes to getting a across the finish line. Leah maps out the key areas to focus as a commercial lending broker - whether you're just starting out or you're a seasoned vet to the industry. Marketing should not be an overlooked role or department within your company, but instead one that should be strategically supported in order to grow your brand and your business - thus aiding you in the process of closing deals.
Here's a quick snippet from the article:
"It will be difficult, to say the least, to get a deal off the starting line if the runner doesn’t know how you can help them get to the finish line – and at best, it will be an uphill race. At the end of the day, you must continue to tell your story and experience as a commercial loan broker to your current clients throughout the loan process. By utilizing the tactics from your marketing strategy to narrate the story and paint the picture, your clients will be reminded throughout the deal that you have the expertise and creativity to help them reach their goals."
Read the article in full on Deal Maker Magazine's website linked below!
https://www.dealmaker-magazine.com/magazine/taking-a-deal-to-the-finish-line-a-marketers-perspective
Kansas Restaurant Closes Cash Out Refinance
Kansas is known for their stellar restaurants and hospitality! We truly enjoyed helping our client to close on a cash-out refinance of a single-tenant restaurant located in Manhattan, Kansas in March of 2023. The funds for this deal will be used to pay down a seller’s note, which will then entitle them to the rent paid by the tenant. This loan request was $975,000.00 and had a 65% LTV. The property sits on .59 acres and includes a total of 2,556 square feet.
Cash Out Refinance Closed for Golf Course in Mississippi
We love assisting our clients with a wide variety of commercial investment loans and this deal was no exception! On March 27, 2023, our client closed on the cash-out refinance of a golf course and club located in Gautier, Mississippi. The proceeds for this particular loan product will be used to pay off current debt on the property. The loan will also provide working capital for our client - allowing them to renovate existing amenities to the course and club as well as add new amenities that their recreation patrons can enjoy while on and off the greens.
The total loan amount was $1,485,000.00 and had a LTV of 28%. Our LTV max is 65% so this deal fell well below that maximum for our requirements.
The property sits on approximately 194 acres.
Georgia Golf Club Client Renews Loan for 2023
In January of this year, our client closed on the renewal of a previous loan they held with us. The original loan was a cash-out refinance on a golf course located in Bishop, Georgia that was secured in late 2021. The initial loan was used to purchase maintenance equipment as well as provide working capital. The renewal will continue to aide in the owner's focus of getting the recreational property in its best condition prior to securing a permanent financing solution.
The property is approximately 190 acres and includes a total building square footage of 6,665 sq. ft.
We are excited to renew their previous loan at a sum of $1,348,000.00.
Terry Luker Featured on Deal Maker Talks! Podcast
Find Out What Happens When a Bank Maxes Out Their Lending on Ep. 4 of Deal Talk!
Deal Talk Episode 3 is Now Live!
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%.