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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
08/30/2021
Property Type
Property City
Dayton
Property State
OH
Loan Term (months)
60
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$300,000
Loan-to-Value
20%
Term
5 years
Property Neighborhood
Patterson Park neighborhood
Occupancy at Closing
All Units Occupied
Number of Units
3
Exit Strategy
Refinance
Borrower Credit Rating
Poor
Deal Summary
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, OH. 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. The Borrower had poor credit, so he was having a hard time getting other types of alternative financing. We liked the deal because it was such a low loan-to-value of around 20%. The estimated value was around $300,000. The subject property had 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 was set at 60 months, amortized. The Borrower plans to eventually refinance after a few years. This hard money loan was funded in August 2021.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989