$1,500,000.00 Financing to a Condominium Association for Capital Improvements
We recently provided $1,500,000 in financing for a 162-Unit Condominium Association in South Florida to help complete necessary capital expenditures such as roof replacement, asphalt, lighting, fencing, and flooring and be in compliance with the new Florida State Homeowners Association laws.
This association tried and could not get financing from a bank, and they were turned down.
The current financials showed that it was operating at a breakeven. The issue was that the association lacked cash reserves to start working on the deferred maintenance.
The condominium building was built in 1972, and the association recently passed a special assessment.
Gelt Financial structured the financing to immediately pay off the existing debt and advance the remaining loan in draws as the work is completed. The plan will be paid over a 7-year amortization with a 24-month term. The condo owners will pay special assessment dues over a 48-month period.
This capital will be used to enhance the community and its residents’ quality of life. At Gelt Financial, we take pride in supporting communities with tailored financing solutions to help them thrive.
We offer condominium and HOA financing for customers who don’t have time for a bank to close the deal or don’t qualify at this time for bank financing. Contact us today to learn more. When your bank says NO, we say YES!
About Gelt Financial
Gelt Financial is a non-bank commercial real estate lender. Since 1989, we have closed more than 10,000 loans totaling over $1 billion. 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 information on how Gelt can help you with an investment property or on any of our other various products and services, look at what President Jack Miller does on Gelt’s YouTube channel. For more information on our completed deals, check our Deals Done.