Bridge Loan for Tennessee Resort Land Development

Funded by Commercial Capital BIDCO

Claiborne, TN

$3,500,000

Mixed-Use, Multifamily, Recreational

Equity Cash Out

11/09/2021
Transaction by
Commercial Capital BIDCO
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.