Hard Money Loan for SFR Rental Purchase in Bradenton, Florida

Funded by Gelt Financial, LLC

221,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

09/30/2022

Property Type
Single Family Residence
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

More Deals By Gelt Financial, LLC

Gelt Financial, LLC
Chicago, IL
$300,000
2-4 Units Residential, Mixed-Use

Refinance

Gelt Financial, LLC
Glen Burine , MD
$250,250
Single Family Residence

Purchase

Gelt Financial, LLC
Winter Haven, FL
$100,000
Auto Repair

Purchase