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Hard Money Loan Transactions in South Carolina
Hard Money Loan for Convenience Store Purchase in Charleston, South Carolina
Gelt Financial, a direct commercial real estate lender, funded a $350,000 hard money loan for the purchase of a convenience store in North Charleston, SC. The Borrower is a family that had been leasing and operating the c-store for 9 years. They had a worked out a deal with the owner to acquire the property with seller financing. They gave the owner $300,000 and started making installments. Shortly after, the owner passed away. His children inherited the property and did not recognize the financing agreement. Threatened with an eviction, the Borrowers had to get quick financing to purchase the property. Their business was mostly cash, and they didn’t have good credit. The property value was estimated to be around $700,000. We did not require an appraisal or income verification. The loan term for our 1st mortgage is 36 months. With the assistance of their mortgage broker, the Borrower plans to get an SBA loan within that time to pay us off. This hard money loan was funded in June 2021.