Hard Money Loan for Retail Property Purchase in Boynton Beach, Florida

Funded by Gelt Financial, LLC

$935,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

12/03/2021

Property Type
Retail
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 Highlights

Borrower had been working with a bank but they were taking too long to close.
Seller was not willing to extend the closing date.
No lock-out period.

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.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989