Note-on-Note Loan Secured by Two Mixed-Use Properties in Newark, New Jersey
Gelt Financial closed a $500,000 note-on-note loan secured by two mixed-use properties with retail and residential space in Newark, New Jersey. The underlying properties total approximately 6,100 square feet, and the borrower was purchasing the existing mortgages.
Deal Snapshot
- Loan amount: $500,000
- Note purchase price: $625,000 for the existing mortgages
- Asset loan-to-value (LTV): approximately 49.01% against Gelt’s combined estimated property value of $1,020,111, providing a substantial equity cushion
- Term: 18 months, interest-only
- Exit strategy: payoff or refinance, or completion of the foreclosure process and sale of the properties
We closed with no appraisal or inspection of the properties, and without leases or current income and expenses.
How Can Gelt Financial Help With Note Purchases and Distressed Debt?
Deals like this show what Gelt Financial can do with more complex note purchases, distressed debt, and foreclosure-related transactions. We look beyond a traditional property loan and structure financing around the value of the collateral, the legal position, the borrower’s experience, and multiple paths to repayment. As a family-owned lender, we stay honest about our terms, with no hidden fees.
Have a note purchase, distressed debt opportunity, or complicated commercial real estate transaction? Apply now at GeltFinancial.com or call us at 561-221-0900 today! Gelt Financial is ready to discuss your note-on-note real estate financing needs.
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