Bridge Loan for Office Condo Purchase in Santa Fe, New Mexico

Funded by Gelt Financial, LLC

$1,000,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

11/19/2021

Property Type
Office
Property City

Santa Fe

Property State

NM

Loan Term (months)

48

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$1,510,000

Loan-to-Purchase Price

66%

Borrower's Contribution to Purchase

34%

Source of Borrower's Contribution

Cash

Building Square Footage

9,750

Deal Highlights

Lender is a public company in the solar energy sector, they don’t generate any revenue.
We did not require any third-party reports & the loan is non-recourse (no personal guarantee).
We expect to be paid off when the company is profitable & able to qualify for convention financing.

Deal Summary

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 was 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 was set at 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.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989