Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/15/2025
Property Type
Property City
Myrtle Beach
Property State
SC
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$300,000
Loan-to-Purchase Price
65%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Owner-Occupied
Number of Units
1
Borrower's Plan
Continue Occupancy
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
12%
Deal Summary
Gelt Financial, a direct hard money lender, funded a $195,000 senior-lien position mortgage for the purchase of an office building in Myrtle Beach, SC. The property’s total value was roughly $300,000, so our loan-to-value was 65%. The Borrower had excellent credit, and plans to occupy with their office. The building was recently renovated and is very close to the beach. The subject property was in near-perfect 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