Bridge Loan on Owner-Occupied Restaurant in Naperville, IL

Gelt Financial provided a first mortgage to refinance the borrower out of their current mortgage and pay taxes.

Gelt Financial, a direct CRE lender, funded a $450,000 1st lien position cash-out refinance bridge loan secured by a owner-occupied restaurant in Naperville, IL. The property value was estimated at $700,000 so our loan-to-value was 65%. The Borrower approached Gelt Financial because they needed to pay off their current mortgage and taxes. They did not provide income verification. The subject property, approximately 1,800 square feet, is an owner-occupied restaurant that’s fully equipped with a kitchen, prep station, expanded dining area, and drive-thru access. It was built in 2007 and was in excellent condition as the establishment is a successful Mexican restaurant in a growing market. The Borrower plans to continue occupying the property. The interest rate was 12.75% floating. We charged 2% origination points. The loan term was set at 12 months. This CRE cash-out refinance bridge loan was funded in April 2023.