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 for a long term. The Borrowers had a low credit score 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 is 36 months, and we expect to be refinanced with a permanent loan. This hard money loan was funded in November 2021.
