Hard Money Loan for Convenience Store Purchase in Charleston, South Carolina

Funded by Gelt Financial, LLC

$350,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

07/30/2021

Property Type
Retail
Property City

Charleston

Property State

SC

Loan Term (months)

36

Lien Type

1st Mortgage

Payment Type

Interest Only

Property Value

$700,000

Term

3 years

Borrower Credit Rating

Poor

Deal Highlights

Threatened with eviction, Borrowers had to get quick financing to purchase the property.
We did not require an appraisal or income verification.

Deal Summary

Gelt Financial, a direct commercial real estate lender, funded a $350,000 hard money loan for the purchase of a convenience store in North Charleston, SC. The Borrower is a family that had been leasing and operating the c-store for 9 years. They had a worked out a deal with the owner to acquire the property with seller financing. They gave the owner $300,000 and started making installments. Shortly after, the owner passed away. His children inherited the property and did not recognize the financing agreement. Threatened with an eviction, the Borrowers had to get quick financing to purchase the property. Their business was mostly cash, and they didn’t have good credit. The property value was estimated to be around $700,000. We did not require an appraisal or income verification. The loan term for our 1st mortgage is 36 months. With the assistance of their mortgage broker, the Borrower plans to get an SBA loan within that time to pay us off. This hard money loan was funded in June 2021.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989