Bridge Loan for Office Condo Purchase in Santa Fe, NM

Funded by Gelt Financial, LLC

Santa Fe, NM

$1,000,000

Office

Purchase

11/19/2021
Transaction by
Gelt Financial, LLC
Gelt Financial, a direct private commercial real estate lender, funded a $1,000,000 bridge loan for the acquisition of a 9,750 square foot office condominium in Santa Fe, New Mexico. The Borrower is a public company that was renting the building and wanted to exercise a lease option to purchase the property for $1,510,000. The company is in the solar energy sector, and although it's a public company, it doesn't generate any revenue. Therefore, it was not possible for them to get a conventional loan. They got an appraisal on the building which came in at $1,800,000. Based on the appraised value, our loan is around 55% LTV, but on the purchase price, we are at around 66% LTV. We did not require any third party reports, and the loan is non-recourse (no personal guarantee). The loan term is 48 months, and we expect to be paid off when the company is profitable and able to qualify for convention financing. This bridge loan was funded in November 2021.