)
Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/27/2022
Property Type
Property City
Nashville
Property State
TN
Lien Type
1st Mortgage
Property Value
$16,500,000
Previous Loan Balance
$3,162,627
Loan-to-Value
36%
Property Neighborhood
Bordeaux
Location Type
Suburban
Property Condition
Vacant Land
Occupancy at Closing
Vacant
Lot Acreage
120.5
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
13.50%
Origination Points
6%
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $6,000,000 1st lien position bridge loan secured by a residential land in the Bordeaux neighborhood of Nashville, Tennessee. The property value was estimated at $16,500,000 so our loan-to-value was 36%. We paid off a previous loan balance of $3,162,627. Our client closed on the cash-out refinance of an existing loan on a raw land venture. The loan proceeds will be used to pay off current debt and provide working capital for the client to pursue other projects. The subject property was approximately 120.5 acres of land. The Borrower had good credit. They plan to sell the property upon completion of rehab. The interest rate was 13.5% and we charged 6% origination points. The loan term was set at 6 months. This CRE refinance bridge loan was funded in December 2022.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.