Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/03/2021
Property Type
Property City
Boynton Beach
Property State
FL
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$13,750,000
Loan-to-Purchase Price
68%
Borrower's Contribution to Purchase
32%
Source of Borrower's Contribution
Cash
Property Neighborhood
Palm Beach County
Occupancy at Closing
Partially Occupied
Number of Units
3
Building Square Footage
5,700
Deal Summary
Gelt Financial, a direct private commercial real estate lender, funded a $935,000 hard money loan for the acquisition of a 5,700-square-foot retail property in Boynton Beach, Florida. The Borrower had been working with a bank but they were taking too long to close, and the seller was not willing to extend the closing date. The purchase price was $1,3750,000. The Borrower put down $440,000 cash, so the loan-to-value for our loan was 68%. We received the initial request just before Thanksgiving. The term sheet was signed on Black Friday and we funded the following week. The property had 3 units. Two of them were leased and Borrower occupied the 3rd unit. The loan term was set at 24 months but we expect to be paid off in less than 6 months. There is no lock-out period. This hard money loan was funded in December 2021.