Private Money Cash-Out Loan for Mixed-Use Property in Brooklyn, New York

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

02/08/2019

Property Type

Mixed-Use

Property City

Brooklyn

Property State

Lien Type

1st Mortgage

Payment Type

Interest Only

Deal Highlights

No Income verification.

Out of country Borrower.

Property had city violations on it that need to be corrected.

Borrower tried their bank & when their bank said no, we said yes & closed the mortgage.

Deal Summary

Gelt Financial, a direct CRE private lender, funded a $340,000 1st lien position partial recourse private money cash-out loan for a mixed-use property in Brooklyn, New York. The Borrower was out of the country. We required no income verification. The subject property had city violations on it that need to be corrected. They tried their bank and when their bank said no, we said yes and closed the mortgage. This private money cash-out loan was funded in February 2019.