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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
07/28/2022
Property Type
Property City
Elk Rapids
Property State
MI
Loan Term (months)
12
Lien Type
1st Mortgage
Property Value
$3,110,000
Previous Loan Balance
$928,460
Loan-to-Value
56%
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Building Square Footage
4,686
Lot Acreage
68
Borrower's Plan
Continue Rental
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
6%
Broker Commission
$27,510
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $1,834,000 1st lien position bridge loan secured by a mixed-use retail property in Elk Rapids, Michigan. The property value was estimated at $3,110,000 so our loan-to-value was 56%. We paid off a previous loan balance of $928,460. The collateral properties used are located in Elk Rapids, Michigan, and Williamsburg, Michigan. The loan proceeds were used to pay off the current debt on the properties and provide working capital to improve the Williamsburg property. The subject property was in good condition and tenant-occupied at closing. It is approximately 4,686 square feet set in a 68-acre lot. The Borrower had good credit. They plan to continue leasing the property and eventually sell it as an exit strategy. The interest rate was 12% and we charged 6% origination points so the broker earned a $27,510 commission. The loan term was set at 12 months. This refinance bridge loan was funded in July 2022.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.