Bridge Loan for Car Wash Purchase in Summerville, South Carolina

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

01/15/2024

Property Type

Car Wash

Retail

Property City

Summerville

Property State

Loan Term (months)

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$385,000

Loan-to-Purchase Price

60%

Borrower's Contribution to Purchase

40%

Source of Borrower's Contribution

Cash

Location Type

Suburban

Property Condition

Excellent

Occupancy at Closing

Owner-Occupied

Number of Units

Building Square Footage

1,712

Lot Square Footage

43,560

Lot Acreage

1.00

Exit Strategy

Refinance

Interest Rate

14%

Origination Points

Deal Highlights

60% LTV Purchase Loan for owner-occupied car wash.

Car wash has strong financials and located in high-growth market.

Borrower is a real estate developer and has experience with gas stations.

Deal Summary

Gelt Financial, a direct CRE lender, funded a $231,000 1st lien position purchase bridge loan for the acquisition of an operating car wash in Summerville, SC. We funded 60% of the $385,000 purchase price, while the Borrower contributed 40% cash at closing. The Borrower develops real estate and has previous experience with gas stations. The car wash was in excellent condition and was fully operational at the time of the purchase. It is approximately 1,712 square feet on 1 acre of land. It includes 3 self-serve car wash bays, 1 automated drive-through bay, and 5 external vacuum stations. The Borrower plans to eventually refinance as an exit strategy. The interest rate was 14% floating and we charged 3% origination points. The loan term was set at 24 months. This CRE purchase loan was funded in January 2024.