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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/20/2022
Property Type
Property City
Oakwood
Property State
GA
Lien Type
1st Mortgage
Purchase Price
$885,000
Loan-to-Purchase Price
64.27%
Borrower's Contribution to Purchase
35.73%
Source of Borrower's Contribution
1031 Exchange
Property Neighborhood
Gainsville
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
6
Lot Acreage
1.6
Borrower's Plan
Continue Rental
Exit Strategy
Conventional Loan
Borrower Credit Rating
Excellent
Interest Rate
14%
Origination Points
6%
Broker Commission
$11,375
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $940,500 bridge loan in 1st lien position for the acquisition of a 6-unit multifamily property in the Gainsville neighborhood of Oakwood, Georgia. We funded 64.27% of the $885,000 purchase price, while the Borrower contributed 35.73% cash at closing. Our Client closed on the purchase of three duplexes as part of a 1031 Exchange. The subject property was in good condition and tenant-occupied at closing. It is approximately 1.6 acres of land. The Borrower had excellent credit. They plan to continue leasing the property and eventually refinance with a conventional loan as an exit strategy. The interest rate was 14% and we charged 6% origination points so the broker earned a $11,375 commission. The loan term was set at 6 months. This multifamily purchase bridge loan was funded in December 2022.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.