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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.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989