$247,000 Cash Out Refinance for Three-Unit Neighborhood Retail Strip in Charlotte, North Carolina
$247,000 Cash Out Refinance for Three-Unit Neighborhood Retail Strip in Charlotte, North Carolina
Gelt Financial closed a $247,000 cash-out refinance on a three-unit neighborhood retail strip in Charlotte, North Carolina. The property houses a restaurant, a convenience store, and a beauty shop in a strong location.
We structured this loan at a conservative 48.34% loan-to-value against an estimated property value of $510,914, leaving the borrower with a $263,914 equity cushion. Loan proceeds satisfied the existing mortgage and stabilized the property, structured specifically to stop a pending foreclosure.
This was a 36-month, interest-only term. No appraisal or minimum credit score was required. We focused on the property's equity and the strength of its tenant mix, giving the borrower a fast path out of a difficult situation.
Deals like this show what a family-owned, asset-based lender can do when a property owner is facing foreclosure and needs to act fast. We stay honest about our terms, with no hidden fees and no unnecessary delays slowing down a closing. Facing foreclosure or need to refinance a commercial property fast? 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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