Melbourne, FL
A fast closing was essential for a 40 year-old, stabilized government contractor. They called their own bank for a CRE cash-out refinance loan on their office property — a pristine piece of CRE collateral with less than $100K left on the original mortgage balance. After 3 months of “lip service” and wasted time, the bank came back with a “NO.” With 100 employees facing layoffs and over $200MM in new contracts approved and pending, we were able to provide a $500K term loan in less than 1 week… just in time for payroll, saving 100 jobs and a great business. We followed this loan with another $3,470,000 bridge loan from our in-house funds. We closed in under 3 weeks, with no appraisal, just in time to fund the operation’s cash requirements.
*On a personal note, all of us at Commercial Capital Ltd. really like it when we can help save jobs, protect the families and keep perfectly solid businesses from facing extinction – especially when the bank can’t!