$395,000 Acquisition Loan for Freestanding Commercial Building in Orchard Park, New York
Gelt Financial closed a $395,000 acquisition and renovation loan on a freestanding commercial building in Orchard Park, New York. The borrower purchased the property for $350,000 and plans to convert the existing 3,009-square-foot office building into a 17-suite salon facility.
Deal Snapshot
- Loan amount: $395,000
- Purchase price: $350,000
- Structure: $215,000 initial advance plus a $180,000 build-out holdback
- Loan-to-value (LTV): approximately 64.86% of Gelt’s estimated after-renovation value of roughly $609,000
- Term: 24 months, interest-only
- Project budget: approximately $211,900, with the borrower contributing additional cash equity
- Exit strategy: refinance into conventional long-term financing once the property is renovated and stabilized
We structured the financing to fund both the property acquisition and the renovation. The planned improvements include plumbing, electrical upgrades, suite framing, flooring, drywall, and other work needed to complete the salon conversion.
The borrower is an experienced, repeat Gelt borrower with a track record in commercial real estate, construction, and property management.
How Can Gelt Financial Help Finance a Commercial Property That Needs Work?
Deals like this show how Gelt Financial can finance both the acquisition and improvement of commercial real estate. We look at the property, the borrower’s experience, their equity contribution, and the plan for creating value rather than requiring the deal to already be fully stabilized. As a family-owned lender, we stay honest about our terms, with no hidden fees.
Purchasing a commercial property that needs work? Apply now at GeltFinancial.com or call us at 561-221-0900 today! Gelt Financial is ready to discuss your commercial or investment real estate financing needs.
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