Bridge Loan for a Resort Land Development in Claiborne, TN

Funded by Commercial Capital BIDCO

$3,500,000

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

11/09/2021

Property Type
Mixed-Use
Multifamily
Recreational
Property City

Claiborne

Property State

TN

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

30%

Lot Acreage

850

Deal Summary

Commercial Capital BIDCO, a direct private lending firm based near Nashville, funded a $3,500,000 equity cash-out bridge loan for a land development deal in Claiborne County, Tennessee. The property consists of 850+ acres of raw land located on Norris Lake. Our client plans to develop this tract into a year-round resort. Funds from the cash-out are to be used for working capital on the project and to assist with their planned road development which is part of their infrastructure plan. The loan also includes an interest reserve. $10,208,000.00 as-is in August of 2021, so our bridge loan is 30% LTV. To exit the loan, the Borrower plans to sell off multiple land parcels to sub-developers who will eventually build homes or cabins. This bridge loan was funded in November 2021.

Funded By

Commercial Capital BIDCO

Your go-to commercial bridge loan provider for urgent opportunities.