Closed $1,400,000: 40 unit Mobile Home Park, New York
New York Bridge Loan: Gelt Financial Announces Funding of $1.4MM Manufactured Housing Bridge Loan in New York
DELRAY BEACH, FL (Nov. 12, 2020) – Gelt Financial, a leading commercial real estate direct lender, today announced the closing of a $1.4MM first mortgage on a 40-pad manufactured housing community in Riverhead, New York. The company provided a two-year loan on the value-add property to facilitate the acquisition and necessary renovations.
“Gelt Financial is strategically deploying capital for transactions in the $500K-$5MM range, a market that is increasingly being overlooked during the pandemic,” said Noah Miller, Vice President of Gelt Financial. “Manufactured housing is a stable commercial real estate asset that is set to become the darling of 2021, and we will continue to be at the forefront of lending in the space.”
As part of the company’s robust national growth strategy, Gelt Financial plans to close an additional $15MM in non-stabilized property loans by Q1 2021.
“The need for affordable housing in Suffolk County is reaching epic heights in line with the national housing crisis trend across the U.S., and we plan to keep an eye on properties offering affordable housing to support these efforts,” added Miller.
View other New York hard money loans.
About Gelt Financial
Gelt Financial is a non-bank commercial real estate lender, which has closed more than 10,000 loans totaling over $1 billion, since its founding in 1989. Gelt focuses on providing debt to non-bank borrowers on all types of commercial real estate, including but not limited to multifamily, office, retail, warehouse, industrial, self-storage, and mixed use.
For more info on how Gelt can fight for you as a client to get your deal closed in the best way possible, take a look at what President Jack Miller on Gelt’s YouTube channel and for more info on our completed deals, check our Deals Done.
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