Private Lender Gelt Financial Closes $3.5MM NNN Portfolio Loan
Gelt Financial closes mortgages for commercial property owners and real estate investors nationwide.
Boca Raton, FL, November 10, 2022 --(PR.com)-- Gelt Financial is pleased to announce the closing of a portfolio bridge loan for three NNN properties in Nashville, TN, Atlanta, GA, and Northampton, MA. The properties included a fast food chain, an oil change retailer, and a private manufacturing company. The borrower was using equity from the sale of another asset, taking advantage of the 1031 tax code to defer tax gains. Because of this structure, the buyer was up against a tight timeframe and was unable to secure conventional bank financing in time. Gelt Financial closed the loan in just two weeks without any appraisals, allowing the borrower to complete their 1031 transaction and giving them time until they find permanent financing.
Gelt Financial frequently assets borrowers utilizing 1031 exchanges due to their tight timeframes to purchase real estate. In addition to the NNN portfolio, Gelt Financial also recently closed a $600K First Mortgage on a NNN Property in Dothan, AL on a Dollar General subsidiary, PopShelf.
Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. In 1979, this treatment was expanded by the courts to include the non-simultaneous sale and purchase of real estate. With this tax code comes a specific timeframe in which properties must be purchased, typically requiring buyers to close in a limited timeframe.
A triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities. Investors favor triple net leases because they have fewer management and financial duties for the property and because there is less risk because the lessee assumes a large portion of cost variations, which encourages the lessee to maintain the property.
Founded in 1989, Gelt Financial is a nationwide non-bank commercial and investment real estate lender focused on $100,000 to $3,000,000 transactions. Gelt provides First Mortgages and 2nd Mortgages on existing commercial real estate with an emphasis on office, retail, multifamily and NNN properties. Gelt focuses on unique transactions in need of quick closings, limited documentation and no appraisal requirements. Since 1989, Gelt has closed over 10,000 transactions totaling over $1 billion.
For more information on Gelt Financial, https://www.geltfinancial.com. Follow Gelt at @geltfinancial on all social media channels for mortgage tips, news, current terms, and more.
MEDIA CONTACT:
info@geltfinancial.com
About Gelt Financial LLC.:
Gelt Financial was founded in 1989, Gelt is a private Commercial and Investment Non-bank real estate lender specializing in loans from $100K- $3MM. Gelt is based on the core values of hard work, transparent services, and exceeding the highest of expectations. Gelt has closed over 10,000 transactions totaling over $1BB since 1989. When your bank says No, we say Yes!
Gelt Financial frequently assets borrowers utilizing 1031 exchanges due to their tight timeframes to purchase real estate. In addition to the NNN portfolio, Gelt Financial also recently closed a $600K First Mortgage on a NNN Property in Dothan, AL on a Dollar General subsidiary, PopShelf.
Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. In 1979, this treatment was expanded by the courts to include the non-simultaneous sale and purchase of real estate. With this tax code comes a specific timeframe in which properties must be purchased, typically requiring buyers to close in a limited timeframe.
A triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities. Investors favor triple net leases because they have fewer management and financial duties for the property and because there is less risk because the lessee assumes a large portion of cost variations, which encourages the lessee to maintain the property.
Founded in 1989, Gelt Financial is a nationwide non-bank commercial and investment real estate lender focused on $100,000 to $3,000,000 transactions. Gelt provides First Mortgages and 2nd Mortgages on existing commercial real estate with an emphasis on office, retail, multifamily and NNN properties. Gelt focuses on unique transactions in need of quick closings, limited documentation and no appraisal requirements. Since 1989, Gelt has closed over 10,000 transactions totaling over $1 billion.
For more information on Gelt Financial, https://www.geltfinancial.com. Follow Gelt at @geltfinancial on all social media channels for mortgage tips, news, current terms, and more.
MEDIA CONTACT:
info@geltfinancial.com
About Gelt Financial LLC.:
Gelt Financial was founded in 1989, Gelt is a private Commercial and Investment Non-bank real estate lender specializing in loans from $100K- $3MM. Gelt is based on the core values of hard work, transparent services, and exceeding the highest of expectations. Gelt has closed over 10,000 transactions totaling over $1BB since 1989. When your bank says No, we say Yes!
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Gelt Financial
Jack Miller
561-221-0900
www.geltfinancial.com
Jack Miller
561-221-0900
www.geltfinancial.com
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