Bridge Loan for Office Building Purchase in Toledo, OH

Funded by Gelt Financial, LLC

$1,700,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

03/25/2022

Property Type
Office
Property City

Toledo

Property State

OH

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$2,550,000

Loan-to-Purchase Price

75%

Borrower's Contribution to Purchase

25%

Source of Borrower's Contribution

Cash

Occupancy at Closing

Partially Occupied

Building Square Footage

80,000

Exit Strategy

Refinance

Deal Highlights

We approved the deal within an hour and closed very fast.

Deal Summary

Gelt Financial, a direct CRE bridge lender, funded a $1,700,000 loan for the purchase of an office building in Toledo, Ohio. 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 offices 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.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989