Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/15/2025
Property Type
Commercial Condominium
Condominium
Office
Retail
Property City
Philadelphia
Property State
PA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$470,000
Loan-to-Value
64%
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
Average
Interest Rate
12%
Deal Summary
Gelt Financial, a direct hard money lender, funded a $300,000 senior-lien position mortgage for the refinance of a commercial condominium in Philadelphia, PA. The property’s total value was roughly $470,000, so our loan-to-value was 65%. The Borrower did not provide income verification, and the unit is owner-occupied as a dance studio. The subject property was in good 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