Hard Money Cash-Out Refinance for Georgia Rental Home

Funded by Commercial Capital BIDCO

Greensboro, GA

$1,695,000

Single Family Residence

Equity Cash Out

11/19/2021
Transaction by
Commercial Capital BIDCO
Commercial Capital BIDCO, a direct private mortgage lender, closed on a cash-out refinance of a single-family residency in Greensboro, Georgia. The subject property is a 5-bedroom, 4.5 bath rental home with sweeping views of Lake Oconee, a popular vacation area in Eastern Georgia. The Borrower need to cash out equity on this property to use for the acquisition of another investment property, and they needed to close is just 3 days due to another lender dropping the ball on the deal last minute. The reports and other documents were ready once we took over the deal and this allowed us to quickly complete the transaction and get the client the funding they needed when they needed it. The requested amount was $1,695,000 and the appraisal value of the property as of October 21, 2021 was $2,600,000. So the loan-to-value of our first mortgage is 65%. The loan term is 6 months, the Borrower plans to refinance with conventional financing. At the time of closing, they had an executed 12-month lease agreement. This hard money loan was funded in November 2021.