Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/22/2021
Property Type
Property City
Glen Burine
Property State
MD
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$385,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Deal Summary
Gelt Financial, a direct private lending firm, funded a $250K hard money loan for the purchase of a single-family residence in Glen Burnie, MD, a city close to Baltimore Airport. The Borrower owns a few Chinese buffet restaurants and had a hard time hiring people. So he purchased the property to offer free housing as an incentive for potential employees. He doesn’t have the credit or enough verifiable income, but he had a 35% cash down payment. We were glad to provide him with the financing without an appraisal or income information. The purchase price was $385,000. Our hard money loan was 65% LTV with a loan term of 3 years. A broker presented this deal to us, and we closed in less than 2 weeks. This hard money loan was funded in April 2021.