)
Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
10/04/2022
Property Type
Property City
Seaford
Property State
DE
Loan Term (months)
12
Payment Type
Interest Only
Loan-to-Value
50%
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
192
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Interest Rate
13%
Deal Summary
Gelt Financial, a direct CRE private lender, funded a $500,000 equity cash-out loan secured by a partnership interest in a 192-unit apartment community in Seaford, Delaware. The Borrower invested $1,000,000 in equity to the property which was worth many millions of dollars. Our loans was 50% of their ownership. The Borrower pledged 100% of their ownership interest, which would transfers to us in case of default. They plan to use the cash out for other investments and will pay off our loan within the 12-month loan term by using proceeds from their other investments. We charged an interest rate of 13%. The property, Villages of Stoneybrook, is conveniently located within strolling distance of shopping areas. Seaford is in the Southern region of Delaware. This private money loan was funded in October 2022.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989