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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
08/19/2022
Property Type
Property City
Iron Mountain
Property State
MI
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$3,250,000
Previous Loan Balance
$170,000
Loan-to-Value
51%
Property Condition
Good
Occupancy at Closing
Owner-Occupied
Building Square Footage
8,580
Lot Acreage
.83
Borrower's Plan
Continue Occupancy
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Interest Rate
12%
Origination Points
6%
Broker Commission
$66,000
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $1,650,000 1st lien position equity cash-out loan secured by a cannabis cultivation facility in Iron Mountain, Michiagn. the property value was estimated at $3,250,000 so our loan-to-value was 51%. We paid off a previous loan balance of $170,000. The subject property needed an increase to an existing Commercial Capital BIDCO bridge loan so that they could complete their build-out as well as have proceeds going towards finishing touches on the renovation. The subject property was in good condition and owner-occupied at closing. It is approximately 8,580 square feet set in a 0.83-acre lot. The Borrower had good credit. They plan to continue occupying the property and pay off the loan over the 12-month loan term. The interest rate was 12% and we charged 6% origination points so the broker earned a $66,000 commission. This equity cash-out loan was funded in August 2022.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.