Wealth in experience. Passion in helping. Resources to get the job done.
Founded in 1989 based on core values of hard work, transparent services and products and exceeding expectations in everything we do. As a company and a great team we accomplished a lot we can be proud of. While we don’t know the exact number we helped over 10,000 hardworking good people finance their homes, and investment properties, making a better life for themselves. We provided over 1 Billion in financing. There has always been plenty of hard work, constant changes always looking to be the best we can. Of course during the global economic meltdown or the great recession there was a lot of pain and sorrow along the way. We kept pushing thought the challenges that came up. The company really is a combination of a lot of talented people who gave it their all with unparalleled passion.. There were plenty of great people TO, JZ, AM, TT, US, CB, JP, JW and so many others who are pure talent and greatness,
Gelt does not shy away from complicated and difficult financing situations. We work with business owners and commercial real estate investors. Some of the products we offer are non-bank commercial mortgages, working with clients who would not quality for tradition bank financing due to time frame, credit, documentation or other situations. Gelt Financial is a DBA of GFCIB and Advisers, LLC.
Founded in 1989 by its President Jack Miller, Gelt Financial was originally started in an extra bedroom of Jack’s house on a folding table as a residential mortgage broker with the simple belief in educating and working hard for its customers to deliver the most value possible. Gelt quickly expanded to one of the largest independently owned mortgage and finance companies in the Philadelphia area. They became mortgage bankers and expanded the products offered to its clients. Ari Miller joined the company in 1993.
In 1989 Gelt purchased a non-preforming credit card debt portfolio. This was our first purchase of non-performing assets. Since that time we have been buyers of non-preforming debt and assets from banks as well as non-banks. Buying one deal at a times as well as portfolios. In February of 2006 Barron’s wrote an article about investing in the distressed debt sector and talked about us.
In 1993 Ari Miller started working for the company performing clerical work and assisting other’s learning the business from the ground up, and with his hard work and devotion quickly rose through the ranks as top performing loan officer, opening and managing an office in New Jersey in 1996 and then became head of production in 1997.
Circa 1991 we entered the Automobile lending world, we did this for about 1 year and then decided to put the focus on our rapidly growing national mortgage business. We opened offices in Pittsburg, PA, Marlton, NJ, Ohio and Las Vegas, NV, as well we operated in 24 different states thought a call center. We also operated both a retail and a wholesale operation
As an industry leader, Gelt has always sought out new ways of making loans to quality borrowers who are traditionally undeserved by the mortgage industry.
In 1999, when Jack Miller realized that the small commercial borrower and investor was neglected by the mortgage industry, he switched Gelt’s focus from residential owner occupied lending to commercial real estate lending. Gelt quickly became a leader in commercial lending and built a portfolio of thousands of small commercial loans. This was a very rewarding time as we gave opportunity to those that banks were not helping. Since then, Gelt has successfully proven that it can provide “make sense” loans to borrowers who would have had a difficult time finding traditional financing. Our new business model had proven to be tremendously successful to both Gelt and its clients.
Also in 1998 Gelt co-founded an Equipment leasing company, providing the financing that small business needed to purchase the equipment they needed. We did this with Uri Shoham and after several years Uri became the CFO of Gelt.
Circa 2000 we started to form partnerships to purchase commercial real estate.
About 2003 we started selling loans and participation interests in some of our portfolio to banks as a way we could grow and offer a larger product line to our customers and meet there ever growing needs. The banks loved it as we supplied a steady souse of loans for them. Over time the banks found that our loans were more cost effective for them, since there was no cost to originate. More cost effective to service since we serviced the loans and better preforming.
In it’s lifetime Gelt has closed over 10,000 loans, both large and small. Gelt Financial uses its vast experience, streamlined process, and strategic alliances to provide it’s clients with competitive financing and ensuring a smooth and rapid closing.
2006 our Holding company purchased Public Savings Bank, a tiny $24,000,000.00 Million bank (We had big plans but lousy timing)
The company had split itself into two with the Bank being a standalone company, the Holding Company which now owned the commercial real estate and Gelt Financial Corporation our lending division operating separately.
We began the long and painful journey of dealing with the global economic meltdown and recession. These were hard years but we fought through them.
Very sadly and painfully the FDIC seized the bank under the weight of the global financial markets and increased regulatory pressure.
Surviving the economic recession, Gelt has continued to build relationships and secure loans for non-owner occupied residential and commercial real estate investors. Expanding its services to offer Debtor-In-Possession financing, accounts receivables, bridge loans, and more.
Gelt is reborn and now Gelt Financial, LLC a separate company from the old Gelt and the Holding company
Gelt is reborn with great energy, working tirelessly on meeting the needs of its customers.