Ohio Bridge Lenders for Commercial Real Estate

Gelt Financial, a direct CRE lender, funded a $185,000 1st lien position cash-out refinance bridge loan secured by a light industrial warehouse in Euclid, OH. The property value was estimated at $350,000 so our loan-to-value was 53%. The Borrower approached Gelt Financial because they needed to pay off debts and place additional equity into their property/business. They had poor credit. The subject property, approximately 8,000 square feet, is an owner-occupied flooring company that’s setup to house showrooms, offices, supplies, and storage. It was built in 1951 and was in excellent condition considering it was completely renovated for $200,000 about 7 years ago. The Borrower plans to continue occupying the property and eventually refinance as an exit strategy. The interest rate was 13.50% floating. We charged 2% origination points and the broker earned a $5,000 commission. The loan term was set at 12 months. This CRE cash-out refinance bridge loan was funded in May 2023.

Gelt Financial, a direct CRE bridge lender, funded a $1,700,000 loan for the purchase of an office building in Toledo, Ohio. A very experienced real estate investor needed to close fast to take advantage of a buying discount. The property consists of 80,000 square feet and had 50 tenants. The occupancy rate was approximately 85% which is quite good for offices in that market. Since the investor was buying at a discount price of $2.55M, we went a little higher on the leverage than we normally do for office properties. We funded 75% of the purchase price, and the borrower brought 25% cash to the closing. We approved the deal within an hour and closed very fast. The loan term is 1 year with two 90-day extension options. The borrower plans to refinance with permanent financing as soon as possible. This CRE bridge loan was funded in March 2022.