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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
03/03/2023
Property Type
Property City
Fort Lauderdale
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$800,000
Loan-to-Value
73%
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
2,336
Lot Square Footage
14,375
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
12.50%
Origination Points
2%
Deal Summary
Gelt Financial, a direct CRE lender, funded a $585,000 1st lien position refinance bridge loan secured by a tenant-occupied, free-standing retail building in Fort Lauderdale, FL. The property value was estimated at $800,000 so our loan-to-value was 73%. The Borrower approached Gelt Financial because they needed to refinance their existing mortgage and pay off miscellaneous debts. They had average credit. The subject property is approximately 2,336 square feet set in a 14,375-square-foot lot and is now a cash-flowing retail shop. It was built in 1974 and was in excellent condition considering it was completely renovated 5 years ago. The property is located minutes from Fort Lauderdale International Airport and one mile from 595 and I-95 on a very busy street. The Borrower plans to continue leasing the property, pay off his remaining debts, and eventually refinance as an exit strategy. The interest rate was 12.50% floating and we charged 2% origination points. The loan term was set at 12 months. This CRE refinance bridge loan was funded in March 2023.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989