Dayton, OH

$60,000

Retail

Equity Cash Out

08/30/2021
Transaction by
Gelt Financial, LLC
Gelt Financial, a direct commercial real estate lender, funded a $60,000 hard money equity cash out loan secured by a small retail property in the Patterson Park neighborhood of Dayton, Ohio. The borrower needed cash for another investment. The property was owned free-and-clear, but no other hard money lender would consider a loan amount under $100K. And the borrower had poor credit, so he was having a hard time getting other types of alternative financing. We like the deal because it was such a low loan-to-value of around 20%. The estimated value was around $300,000. The property has 3 units. All of them were leased. We looked beyond the borrower's poor credit and underwrote the loan based on the rental income. The loan term for our 1st mortgage is 60 months, amortized. The Borrower plans to eventually refinance after a few years. This hard money loan was funded in August 2021.