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Real Property Investment Partners
NO APPRAISAL REQUIRED. Providing institutional-grade lending with a local presence.
Funded Private Money Loans in Delaware
Private Money Loan Secured by Ownership Interest in Delaware Apartment Community
Gelt Financial, a direct CRE private lender, funded a $500,000 equity cash-out loan secured by a partnership interest in a 192-unit apartment community in Seaford, Delaware. The Borrower invested $1,000,000 in equity to the property which was worth many millions of dollars. Our loans was 50% of their ownership. The Borrower pledged 100% of their ownership interest, which would transfers to us in case of default. They plan to use the cash out for other investments and will pay off our loan within the 12-month loan term by using proceeds from their other investments. We charged an interest rate of 13%. The property, Villages of Stoneybrook, is conveniently located within strolling distance of shopping areas. Seaford is in the Southern region of Delaware. This private money loan was funded in October 2022.