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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
06/01/2022
Property Type
Property City
Church Hill
Property State
TN
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$4,800,000
Previous Loan Balance
$2,032,556
Loan-to-Value
63%
Property Neighborhood
Kingsport
Location Type
Rural
Property Condition
Good
Occupancy at Closing
Owner-Occupied
Building Square Footage
283,197
Lot Acreage
167.5
Borrower's Plan
Continue Occupancy
Exit Strategy
SBA Loan
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
6%
Broker Commission
$23,323
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $3,022,500 1st lien position bridge loan secured by a manufacturing facility in the Kingsport neighborhood of Church Hill, Tennessee. The property value was estimated at $4,800,000 so our loan-to-value was 63%. We paid off a previous loan balance of $2,032,556. The Client closes cash-out refinance on the existing cloth covering the subject property. The funds were used to pay off the existing loans, with the remaining funds to be used as working capital. The subject property was in good condition and owner-occupied at closing. It is approximately 283,197 square feet set in a 167.5-acre lot. The Borrower had good credit. They plan to continue occupying the property and eventually refinance with an SBA loan as an exit strategy. The interest rate was 12% and we charged 6% origination points so the broker earned a $23,323 commission. The loan term was set at 6 months. This refinance bridge loan was funded in June 2022.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.