Bridge Loan for Office Building Purchase in Toledo, Ohio

Funded by Gelt Financial, LLC

Toledo, OH

$1,700,000

Office

Purchase

03/25/2022
Transaction by
Gelt Financial, LLC
Gelt Financial, a direct CRE bridge lender, funded a $1,700,000 loan for the purchase of an office building in Toledo, OH. A very experienced real estate investor needed to close fast to take advantage of a buying discount. The property consists of 80,000 square feet and had 50 tenants. The occupancy rate was approximately 85% which is quite good for office in that market. Since the investor was buying at a discount price of $2.55M, we went a little higher on the leverage than we normally do for office properties. We funded 75% of the purchase price, and the borrower brought 25% cash to the closing. We approved the deal within an hour and closed very fast. The loan term is 1 year with two 90-day extension options. The borrower plans to refinance with permanent financing as soon as possible. This CRE bridge loan was funded in March 2022.