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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
03/01/2023
Property Type
Property City
Manhattan
Property State
KS
Loan Term (months)
9
Lien Type
1st Mortgage
Payment Type
Interest Reserve
Property Value
$1,500,000
Previous Loan Balance
$784,625
Loan-to-Value
65%
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
2,556
Lot Acreage
0.59
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
14%
Origination Points
6%
Broker Commission
$19,500
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $975,000 1st lien position bridge loan secured by a single-tenant restaurant in Manhattan, Kansas. The property value was estimated at $1,500,000 so our loan-to-value was 65%. We paid off a previous loan balance of $784,625 and provided some cash out for property improvements. The funds for this deal will be used to pay down a seller’s note, which will then entitle the Borrower to collect the rent paid by the tenant. We took an interest reserve for the entire 9-month term so the Borrower didn’t have to make any monthly payments. The subject property was in good condition and vacant at closing. It is approximately 2,556 square feet set in a 0.59-acre lot. The Borrower had excellent credit. They plan to lease the property upon completion of the rehab and eventually refinance as an exit strategy. The interest rate was 14%. We charged 6% origination points and the broker earned a $19,500 commission. The loan term was set at 9 months. This cash-out refinance bridge loan was funded in March 2023.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.