Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/30/2022
Property Type
Property City
Bradenton
Property State
FL
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$315,700
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Interest Rate
10.50%
Deal Summary
Gelt Financial, a direct lender, funded a $221,000 hard money loan for the purchase of a single-family residence in Bradenton, Florida. The purchase price was $315,700. Gelt Financial funded 70% of the purchase in 1st lien position, and the Borrower contributed a 30% cash down payment of $94,700 plus closing costs. The property was in good condition and was already rented. The Borrower knew the sellers, so it was an off-market purchase. They needed quick and easy financing. We funded within 10 days and did not require an appraisal. Our interest rate was 11% with a term of 2 years. The Borrower plans to refinance into a long-term rental loan before the end of the loan term. This hard money loan was funded in September 2022.