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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/09/2022
Property Type
Property City
Butler
Property State
OH
Loan Term (months)
12
Lien Type
1st Mortgage
Property Value
$1,127,500
Previous Loan Balance
$268,700
Loan-to-Value
48%
Property Neighborhood
Mohican
Location Type
Rural
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Lot Acreage
51
Borrower's Plan
Rehab and Rent
Exit Strategy
Conventional Loan
Borrower Credit Rating
Good
Interest Rate
12.00%
Origination Points
6%
Broker Commission
$10,800
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $540,000 1st lien position bridge loan secured by a recreational park in the Mohican neighborhood of Butler, Ohio. The property value was estimated at $1,127,500 so our loan-to-value was 48%. We paid off a previous loan balance of $268,700. The loan proceeds were also used to buy out the principal’s former business partner. The subject property was in good condition and was owner and renter-occupied at closing. It is approximately 51 acres of land. The Borrower had good credit. They plan to continue leasing and occupying the property then eventually refinance with a conventional loan as an exit strategy. The interest rate was 12% and we charged 6% origination points so the broker earned a $10,800 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.