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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/15/2022
Property Type
Property City
Dothan
Property State
AL
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,906,000
Loan-to-Purchase Price
30%
Borrower's Contribution to Purchase
70%
Source of Borrower's Contribution
1031 Exchange
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Borrower's Plan
Continue Rental
Exit Strategy
Conventional Loan
Interest Rate
11%
Deal Summary
Gelt Financial, a direct CRE lender, funded a $572K bridge loan for the purchase of a NNN retail property in Dothan, Alabama. It was occupied by PopShelf, a subsidiary of Dollar General. The Borrower was up against a tight timeframe with a 1031 exchange, and they needed a reliable lender. We were able to close the deal in just two weeks, allowing the borrower to complete their 1031 transaction before the deadline. The purchase price was approximately $1.9MM. The Borrower contributed 70% cash from the sale of another property through the 1031 exchange, and Gelt funded the remainder which is a very conservative 30% LTV. We charged 11% interest and set the loan term at 24 months, which provides more than enough time to find permanent financing that will pay off our 1st mortgage. This CRE bridge loan was funded in October 2022.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989