Bridge to Agency Financing for Illinois Multifamily Purchase

Funded by Gelt Financial, LLC

Waukegan, IL

$900,000

Multifamily

02/15/2022
Transaction by
Gelt Financial, LLC
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 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.