Bridge Loan for Middlesex County Landscaping Business in Edison, New Jersey

In September 2020, Commonwealth Capital funded a $1,300,000 cash-out refinance bridge loan in 1st lien position for a landscaping business in Edison, New Jersey. The Borrower needed the loan proceeds to pay off IRS debt, real estate taxes, and complete environmental work. The loan was secured by the Borrower’s landscaping business and two 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 was set at 2 years. The combined loan-to-value across all 3 properties was 55%.