Hard Money Loan for Funeral Home in Aurora, Illinois

Funded by Gelt Financial, LLC

$250,000

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

04/01/2024

Property Type
Industrial
Mixed-Use
Retail
Property City

Aurora

Property State

IL

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Property Value

$669,000

Loan-to-Value

37%

Location Type

Suburban

Property Condition

Excellent

Occupancy at Closing

All Units Occupied

Number of Units

1

Building Square Footage

7,536

Lot Acreage

3.28

Borrower's Plan

Rehab and Rent

Exit Strategy

Refinance

Borrower Credit Rating

Fair

Interest Rate

13.50%

Origination Points

3%

Deal Highlights

37% LTV Cash-Out Refinance for tenant-occupied funeral home.
Borrower wants to put $100,000 back into property for upgrades.
Very low LTV with a financially responsible Borrower.

Deal Summary

Gelt Financial, a direct CRE lender, funded a $250,000 1st lien position equity cash-out loan secured by a funeral home in Aurora, IL. The property value was estimated at $669,000 so our loan-to-value was 37%. The Borrower was an experienced real estate investor who needed to cash out equity for $100,000 of property upgrades. The investor does not operate the funeral home. It was leased for $8,000 per month. It is a two-story masonry construction with offices, viewing rooms, bathrooms, a kitchenette, and a casket room. The second floor contains two bedrooms and a bathroom. There are 55 parking spaces. The size is approximately 7,536 square feet on a 3.28-acre lot. The Borrower had fair credit. They plan to refinance into a long-term loan as an exit strategy. The interest rate was 13.50% floating and we charged 3% origination points. The loan term was set at 12 months. This hard money loan was funded in April 2024.

Funded By

Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989