Private Money Loan Secured by Ownership Interest in Delaware Apartment Community

Funded by Gelt Financial, LLC

500,000

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

10/04/2022

Property Type
Multifamily
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 Highlights

Loan secured by partnernship interest, not the entire property
Unique loan structure that hardly any other lender can do

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

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