Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/01/2020
Property Type
Property City
Atlantic City
Property State
NJ
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
39%
Exit Strategy
Refinance
Deal Summary
Commonwealth Capital, a direct private lending firm, funded a $500,000 Bridge Loan for a real estate investor based in Nassau County, NY. The funds were used to acquire a hotel property in Atlantic City, NJ. For additional collateral, the Borrower pledged two single family residences in Nassau County which had a considerable amount of equity. With cross-collateralizing the additional properties, the combined loan-to-value was just 39%, resulting in lower risk for us. Commonwealth was able to complete the transaction quickly. The loan term is 1 year with interest-only payments. The Borrower plans to refinance within 1 year to pay off our loan. This commercial property loan was funded in October 2020.