2-4 Units Residential, Retail
In September 2020, Commonwealth Capital funded a $1,300,000 cash out refinance bridge loan for a landscaping business in New Jersey. The borrower needed the loan proceeds to payoff IRS debt, real estate taxes, and complete environmental work. The loan was secured by the borrowers landscaping business and 2 single family residences. The cross collateralization of other real estate made the transaction possible to take care of all the borrower's needs. The business' commercial property is located in Middlesex County, NJ. The two residential properties are located in Edison. Our loan included reserve accounts for both interest payments and the environmental work on the commercial property. The loan term is 2 years. The combined loan-to-value across all 3 properties was 55%.