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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
11/01/2023
Property Type
Property City
Daytona Beach
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$868,000
Previous Loan Balance
$384,000
Loan-to-Value
60%
Location Type
Urban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
2,136
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
13%
Origination Points
3%
Deal Summary
Gelt Financial, a direct CRE lender, funded a $575,000 1st lien position refinance cash-out loan on an oceanfront investment condo located in the Ocean Villas condominium building in Daytona Beach, FL. The condo’s value was estimated at $868,000 so our loan-to-value was 60%. The Borrower will be using the loan proceeds to pay off a maturing existing loan of $384,000, complete a light renovation to the unit, and cash out for a new real estate acquisition. The Borrower had excellent credit. They plan on using this loan as a short-term option and will be refinancing with a conventional lender within the 12–month loan term. The condo unit is approximately 2,136 square feet featuring two master bedrooms. The building was built in 2006 and features Class A amenities including a fitness center, business center, clubroom, and concierge services. The unit is currently leased out to a tenant. The interest rate was 13% and we charged 3% origination points. This refinance cash-out bridge loan was funded in November 2023.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989