Private Lender Gelt Financial Closes $4.3MM NNN Property Portfolio
Boca Raton, FL, January 21, 2023 --(PR.com)-- Gelt Financial is pleased to announce that they recently closed a $4.3MM First Mortgage on a NNN Portfolio in Chattanooga, TN, Macon, GA and Danville, IL. This portfolio included a CVS Pharmacy, Mavis Tires and Brakes, and an AFC Urgent Care.
The buyer was utilizing a 1031 exchange, using proceeds from a previous real estate sale and was up against a tight timeframe. Due to limited time, the buyer was unable to secure conventional bank financing and reached out to Gelt for a quick close. Gelt closed the loan in just a few weeks, allowing the borrower to complete their 1031 transaction and giving them time to find permanent financing.
Under Section 1031 of the United States Internal Revenue Code, 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. With this tax code comes a specific timeframe in which properties must be purchased, typically requiring buyers to close in a limited timeframe.
“We are pleased to have been able to meet our borrowers' need for a quick closing. If our borrower was not up against a tight timeframe, they could have gone to any bank but no other lender was able to close within their required schedule,” says Jack Miler, President of Gelt Financial.
In addition to this NNN portfolio, Gelt recently closed a $3.5MM First Mortgage on a NNN Portfolio in Nashville, TN, Atlanta, GA, and Northampton, MA and a $500k First Mortgage on a PopShelf NNN property in Alabama. Both of these transactions utilized a 1031 exchange where the buyer needed a lender that could close quickly.
Founded in 1989, Gelt Financial is a nationwide non-bank commercial and investment real estate lender focused on $100,000 to $5,000,000 transactions. Gelt is one of the nation’s most active providers of first mortgages and second mortgages for investment and commercial real estate. Gelt focuses on office, retail, multifamily and NNN properties and on transactions in need of quick closings, limited documentation and no appraisal requirements. Since 1989, Gelt Financial 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.
About Gelt Financial LLC.:
Founded in 1989, Gelt Financial is a nationwide non-bank commercial and investment real estate lender focused on $100,000 to $5,000,000 transactions. Gelt is one of the nation’s most active providers of first mortgages and second mortgages for investment and commercial real estate. Gelt focuses on office, retail, multifamily and NNN properties and on transactions in need of quick closings, limited documentation and no appraisal requirements. Since 1989, Gelt Financial has closed over 10,000 transactions totaling over $1 billion.
The buyer was utilizing a 1031 exchange, using proceeds from a previous real estate sale and was up against a tight timeframe. Due to limited time, the buyer was unable to secure conventional bank financing and reached out to Gelt for a quick close. Gelt closed the loan in just a few weeks, allowing the borrower to complete their 1031 transaction and giving them time to find permanent financing.
Under Section 1031 of the United States Internal Revenue Code, 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. With this tax code comes a specific timeframe in which properties must be purchased, typically requiring buyers to close in a limited timeframe.
“We are pleased to have been able to meet our borrowers' need for a quick closing. If our borrower was not up against a tight timeframe, they could have gone to any bank but no other lender was able to close within their required schedule,” says Jack Miler, President of Gelt Financial.
In addition to this NNN portfolio, Gelt recently closed a $3.5MM First Mortgage on a NNN Portfolio in Nashville, TN, Atlanta, GA, and Northampton, MA and a $500k First Mortgage on a PopShelf NNN property in Alabama. Both of these transactions utilized a 1031 exchange where the buyer needed a lender that could close quickly.
Founded in 1989, Gelt Financial is a nationwide non-bank commercial and investment real estate lender focused on $100,000 to $5,000,000 transactions. Gelt is one of the nation’s most active providers of first mortgages and second mortgages for investment and commercial real estate. Gelt focuses on office, retail, multifamily and NNN properties and on transactions in need of quick closings, limited documentation and no appraisal requirements. Since 1989, Gelt Financial 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.
About Gelt Financial LLC.:
Founded in 1989, Gelt Financial is a nationwide non-bank commercial and investment real estate lender focused on $100,000 to $5,000,000 transactions. Gelt is one of the nation’s most active providers of first mortgages and second mortgages for investment and commercial real estate. Gelt focuses on office, retail, multifamily and NNN properties and on transactions in need of quick closings, limited documentation and no appraisal requirements. Since 1989, Gelt Financial has closed over 10,000 transactions totaling over $1 billion.
Contact
Gelt Financial
Jack Miller
561-221-0900
www.geltfinancial.com
Jack Miller
561-221-0900
www.geltfinancial.com
Contact
Categories