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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
05/26/2023
Property Type
Property City
Columbia Falls
Property State
MT
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Reserve
Purchase Price
$1,925,000
Loan-to-Purchase Price
58%
Borrower's Contribution to Purchase
42%
Source of Borrower's Contribution
Cash
Location Type
Rural
Property Condition
Vacant Land
Occupancy at Closing
Vacant
Lot Acreage
80
Borrower's Plan
Development
Exit Strategy
Construction Loan
Borrower Credit Rating
Excellent
Interest Rate
12.5%
Origination Points
6%
Broker Commission
$22,200
Deal Summary
Commercial Capital BIDCO, a direct lender, funded a $1,110,000 1st lien position hard money loan for the acquisition of a beautiful and easily accessible vacant land parcel in Columbia Falls, Montana. We funded 58% of the $1,925,000 purchase price, while the Borrower contributed 42% cash at closing. The land will be used as a commercial development property in the area with the Borrower being able to obtain a construction loan after the bridge purchase loan is complete. The property size is approximately 80 acres, and it’s located in a rural area. We took an interest reserve for 5 months, so the Borrower didn’t have to make any monthly payments until the 6th month of the loan term. The Borrower had excellent credit. The interest rate was 12.5%. We charged 6% origination points and the broker earned a $22,200 commission. The loan term was set at 6 months. This hard money land loan was funded in May 2023.
Funded By
Commercial Capital BIDCO
Your go-to commercial bridge loan provider for urgent opportunities.