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Funded CRE Bridge Loan Transactions in Ohio
Gelt Financial, a direct CRE lender, funded a $107,250 1st lien position bridge loan for the acquisition of a 3-unit retail building in Kettering, Ohio. We funded 65% of the $165,000 purchase price, while the Borrower contributed 35% cash at closing. The Borrower plans to rehab the property. They have an extensive background in real estate flips and rentals which gave us confidence in their ability to improve this property and successfully exit our loan. The 3,875-square-foot subject property was built in 1965 and has 17 parking spaces. It was 66% tenant-occupied at closing. Two of the three units had annual leases in place. The Borrower plans to raise those rents to market. The entire property was in decent condition but needed a light rehab in order to lease up the remaining vacant unit. The Borrower had average credit. They plan to lease up and refinance with a conventional loan. The interest rate was 13% floating and we charged 3% origination points. The loan term was set at 12 months. This retail purchase bridge loan was funded in February 2023.
Refinance Bridge Loan for Owner-User Warehouse in Euclid, Ohio
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.
Bridge Loan for Retail Property Acquisition in Dayton, Ohio
Avatar Financial Group, a direct private mortgage lender, funded a $1,400,000 1st lien position bridge loan for the acquisition of a retail center in Dayton, OH. The Sponsor is a foreign national investor that required a quick close. Avatar was able to provide the funds requested to close the transaction prior to the year-end deadline. The Sponsor contributed 30% cash to the closing, and Avatar funded 70% of the purchase price. Our interest rate was 8.99% and the loan term was 24 months. The deal was brought to us by a mortgage broker to whom we paid a commission of $22,000. This CRE bridge loan was funded in December 2019.