100% JV Hard Money Financing for Boynton Beach House Flip

Funded by Gelt Financial, LLC

Boynton Beach, FL

$260,000

Single Family Residence

Purchase

03/09/2021
Transaction by
Gelt Financial, LLC
Gelt Financial, a direct hard money lender based in Delray Beach, provided 100% financing for the purchase and rehab of a single family home in Boyton Beach. The Borrowers are 2 young guys who have flipped a number of houses in the area. We've had a long-term relationship with them and didn't require them to contribute any of the their own cash to this deal. The subject property was being sold at auction which is nearly impossible for most lenders to consider since the due diligence is very limited. However, this is in our backyard in Palm Beach County, so we didn't need an appraisal. We paid a 5% deposit at the auction and then funded the balance a few days after. The title was held in an LLC that Gelt Financial owns and we also recorded a 1st mortgage, but no monthly payments were required. The 1st mortgage of $260,000 will earn interest, and we will receive 40% of the profits upon the sale, which we estimate will be around $400,000. This JV equity deal was funded in March 2021.