Bridge to Agency Financing for Multifamily Purchase in Waukegan, IL

Funded by Gelt Financial, LLC

$900,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

02/15/2022

Property Type
Multifamily
Property City

Waukegan

Property State

IL

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Purchase Price

65%

Borrower's Contribution to Purchase

35%

Source of Borrower's Contribution

Cash

Location Type

Suburban

Number of Units

29

Deal Highlights

Borrower reached out to us within 1 week of the closing deadline.
We approved the loan in just 1 hour and funded the loan in 3 business days.

Deal Summary

Gelt Financial, a direct CRE bridge lender, provided a quick bridge loan in the amount of $900,000 for the purchase of a stabilized 29-unit multifamily property in Waukegan, an industrial suburb of Chicago, close to the Wisconsin border. The Borrower had applied for a long-term agency Freddie Mac loan, but it wasn’t able to fund by the closing deadline, and the seller was not willing to extend. The very large deposit for the purchase contract was at risk of being lost if the loan didn’t meet the closing schedule. Within 1 week of the deadline, the Borrower reached out to us for help. We approved the loan in just 1 hour and funded the loan in 3 business days. They had a 35% cash down payment, so our loan was 65% of the purchase price. We were paid off in just 3 weeks since the agency loan funded shortly after the purchase. This multifamily bridge loan was funded in February 2022.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989