Bridge Loan for Motel Purchase in Atlantic City, New Jersey

Funded by Commonwealth Capital

$500,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

10/01/2020

Property Type
Hotel
Motel
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.

Funded By

Commonwealth Capital

Direct Bridge Lending for Real Estate Owners