Hard Money Loan for Retail Property Purchase in Palm Beach County

Funded by Gelt Financial, LLC

Boynton Beach, FL

$935,000

Retail

Purchase

12/03/2021
Transaction by
Gelt Financial, LLC
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 has 3 units. Two them were leased, and Borrower occupied the 3rd unit. The loan term for our loan is 24 months, but we expect to paid off in less than 6 months. There is no lock-out period. This hard money loan was funded in December 2021.