Hard Money Loan for Office Condo Purchase in Peoria, Central Illinois

Funded by Gelt Financial, LLC

$100,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

11/19/2021

Property Type
Office
Property City

Peoria

Property State

IL

Loan Term (months)

36

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$195,000

Loan-to-Purchase Price

50%

Borrower's Contribution to Purchase

50%

Source of Borrower's Contribution

Cash

Building Square Footage

4,200

Borrower's Plan

Long-Term Rental

Exit Strategy

Refinance

Borrower Credit Rating

Poor

Deal Highlights

Borrowers had low credit scores and were not bankable.
We didn’t mind the poor credit and we didn’t require an appraisal or third-party reports.

Deal Summary

Gelt Financial, a direct private commercial real estate lender, funded a $100,000 hard money loan for the acquisition of a 4,200-square-foot office condominium in Peoria, IL. The Borrowers, a husband and wife investor, purchased the property through a CREXI online auction. The purchase price was $195,000 which we felt was a good deal. The Borrower put down $95,000 cash plus closing costs, so the LTV for our loan was just over 50%. They plan to lease the office space and hold it long-term. The Borrowers had low credit scores and were not bankable. We didn’t mind the poor credit, and we didn’t require an appraisal or third-party reports. The loan term was set at 36 months. We expect to be refinanced with a permanent loan. This hard money loan was funded in November 2021.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989