Bridge Loan Refinance for Condo in New York, NY

Gelt Financial, a direct CRE lender, funded a $175,000 1st lien position cash-out refinance bridge loan secured by a residential condo in New York, NY. The property value was estimated at $900,000 so our loan-to-value was 20%. The Borrower approached Gelt Financial because they needed to pay off debts subsequent to their 1031 purchase. The borrower did not provide income verification. The subject property, approximately 1,750 square feet, is a vacant HOA condo in the heart of New York overlooking the Hudson River. The condominium building is full-service and allows for an easy commute to Manhattan. It was built in 1964 and was in excellent condition. The Borrower plans to lease up the property, cash out their original mortgage, and refinance as an exit strategy. The interest rate was 12.00% floating. We charged 3% origination points and the broker earned a $5,000 commission. The loan term was set at 12 months. This CRE cash-out refinance bridge loan was funded in April 2023.