Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/15/2025
Property Type
Property City
Willingboro
Property State
NJ
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$1,090,000
Loan-to-Value
61%
Renovation Budget
$420,000
Renovation Project Scope
Conversion
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Borrower's Plan
Rehab and Occupy
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
12%
Deal Summary
Gelt Financial, a direct hard money lender, funded a $670,000 senior-lien position mortgage for the refinance of a former bank in Willingboro, NJ. The property’s total value was roughly $1,090,000, so our loan-to-value was 61%. The Borrower had excellent credit and financials, and plans to do a conversion to a cannabis dispensary and owner-occupy the building. Traditional financing could not assist due to the cannabis business involved. The subject property was in great condition at closing. The interest rate was 12% floating. The loan term was set at 12 months. This loan was funded in August 2025.
Funded By
Gelt Financial, LLC
Creative Private Financing for Commercial Real Estate since 1989