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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/29/2022
Property Type
Property City
Dallas
Property State
OR
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,442,000
Previous Loan Balance
$1,060,000
Loan-to-Value
63%
Property Neighborhood
Salt Creek
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Owner-Occupied
Building Square Footage
15,000
Lot Acreage
122
Borrower's Plan
Continue Occupancy
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
12.00%
Origination Points
6.00%
Broker Commission
$41,250
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $1,550,000 1st lien position bridge loan secured by a cannabis grow facility in the Salt Creek neighborhood of Dallas, Oregon. The property value was estimated at $2,442,000 so our loan-to-value was 63%. We paid off a previous loan balance of $1,060,000. The indoor grow facility closed on a refinance of their collateral property. Initial investors will be paid off with the loan proceeds and funds will also go to improvements made on the facility and property. The subject property was in good condition and owner-occupied at closing. It is approximately 15,000 square feet set in a 122-acre lot. The Borrower had good credit. They plan to continue occupying 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 $41,250 commission. The loan term was set at 12 months. This refinance bridge loan was funded in December 2022.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.