Florida Private Money Lenders

Gelt Financial, a direct CRE lender in South Florida, provided a $250,000 2nd mortgage debtor-in-possession (DIP) financing for school in Boca Raton, FL. The school, for troubled children, had shut down due to COVID and didn’t generate any income. Therefore, the non-profit organization operating the school went into Chapter 11 bankruptcy. The 30,000 square foot property had lots of equity. We estimated the value to be around $6,000,000 and the 1st mortgage balance was $2,900,000. Gelt has long and deep experience in DIP and workout financing. The court receiver approved our loan which was used to help work out the bankruptcy. The loan term is 12 months with extension options. The plan is to sell the property within that time to pay off both mortgages and other debts. This private mortgage was funded in March 2022.

BridgeInvest, a direct CRE private lender, funded a $10MM 1st lien position equity cash-out loan for the developers of two ultra-luxury penthouses in the Paramount Condominium in Fort Lauderdale, Florida. The loan will finance the build-out of one of the penthouse units, providing the Borrower with a completed unit that will facilitate the sale of both. The majority of the loan was utilized to provide liquidity to the Borrower. The asset is a natural niche product due to its location and price point, necessitating bespoke underwriting that traditional lenders could not provide. Each unit consists of four bedrooms, seven bathrooms, a separate family room, an entertainment room, and an expansive private rooftop deck including a private pool. The units benefit from beachfront views, a resort-style pool, beach service, a fitness center, and an expansive game/club room. The property is located on A1A with close proximity to Las Olas, a popular entertainment corridor. This private mortgage loan was funded in January 2019.