Bridge Loan for Three SFRs in Vero Beach, Florida

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

11/11/2024

Property Type

Single Family Residence

Property City

Vero Beach

Property State

Loan Term (months)

Lien Type

Senior

Payment Type

Interest Only

Property Value

$715,000

Loan-to-Value

53%

Location Type

Suburban

Property Condition

Excellent

Occupancy at Closing

Tenant-Occupied

Number of Units

Borrower's Plan

Continue Rental

Exit Strategy

Refinance

Borrower Credit Rating

Good

Interest Rate

12%

Origination Points

Deal Highlights

53% LTV refinance loan.

Multiple single-family residences.

Borrower was financially distressed and needed cash-out funds.

Collateral-based deal.

Deal Summary

Gelt Financial, a direct CRE hard money lender, funded a $420,000 senior-lien position bridge loan secured by 3 single-family homes in Vero Beach, FL. The properties were valued at roughly $715,000 so our loan-to-value was 59%. The Borrower, a real estate owner with good credit, needed a quick closing to access cash-out funds for other business purposes. They plan to continue leasing the homes and will eventually refinance into a long-term loan as an exit strategy. All 3 properties were in excellent condition and tenant-occupied at closing. The interest rate was 12% floating, and we charged 3% origination points. The loan term was set at 12 months. This bridge loan was funded in November 2024.