Hard Money Loan for SFR Purchase in Burnie, Maryland

Funded by Gelt Financial, LLC

$250,250

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

04/22/2021

Property Type
Single Family Residence
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 Highlights

Borrower had no credit or enough verifiable income.
We closed in less than 2 weeks.

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.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989