Winter Haven, FL

$100,000

Auto Repair

Purchase

06/28/2021
Transaction by
Gelt Financial, LLC
Gelt Financial, a direct hard money lender based in South Florida, funded a $100K hard money loan for the purchase of an automotive light industrial property in Winter Haven, FL. The Borrower had worked at an auto body shop for over 20 years and wanted to start his own business. He found a local auto repair shop went up for sale for $200,000. He was able to get half of the purchase money from his family members, and we funded the rest. Our 1st mortgage was a very conservative 50% LTV, so we did not require an appraisal. Since it was a new business, there was no verifyable income yet, but the Borrower has lots of experience. He will quickly repurpose the auto repair shop for his new auto body business to start generating income. The mortgage broker who brought us the deal will help the borrower get a long-term SBA loan within the next 24 months. This hard money loan was funded in June 2021.