Purchase Bridge Loan for Office Building in Englewood, Florida

Gelt Financial, a direct CRE lender, funded a $252,000 1st lien position purchase bridge loan for the acquisition of an office building in Englewood, FL. We funded 70% of the $360,000 purchase price, while the Borrower contributed 30% cash at closing. The Borrowers approached Gelt Financial because they needed to finalize their purchase and start their business in a new location. They operate a successful cleaning company that services both residential and commercial clientele and wanted to expand into the city of Englewood. It’s a breathtaking beach and ecotourism destination, south of Sarasota and Venice. The subject property is approximately 2,192 square feet set in a 10,000-square-foot lot. It was built in 1994 and was in excellent condition considering a new roof was installed recently. The Borrowers had average credit. They plan to continue occupying the property and pay off our mortgage during the 12-month loan term. The interest rate was 12% floating with amortized payments and we charged 3% origination points. As a no-income verification mortgage, we were able to finalize the closing without requiring an appraisal. This CRE purchase bridge loan was funded in April 2023.