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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/01/2024
Property Type
Property City
Baton Rouge
Property State
LA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$500,000
Previous Loan Balance
$50,000
Loan-to-Value
60%
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
2,660
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Borrower Credit Rating
Average
Interest Rate
13%
Origination Points
3%
Deal Summary
Gelt Financial, a direct CRE hard money lender, funded a $300,000 first-lien position cash-out refinance loan secured by a medical office in Baton Rouge, LA. The property value was estimated at $500,000 so our loan-to-value (LTV) was 60%. We paid off a $50,000 loan balance and the remainder was cash out. The Borrower is a medical professional who needed quick capital to pay off existing debt. The medical office had 1 tenant with a long-term lease in place. The unit was built out for medical use with several private rooms and two bathrooms. The property was in excellent condition and is approximately 2,600 square feet. The Borrower had average credit. Their exit strategy is to refinance into a long-term loan within 2 years. The interest rate was 13% floating, and we charged 3% origination points. The loan term was set at 24 months. This hard money loan was funded in August 2024.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989