Gelt Closes Commercial and Investment Mortgages No credit reports
By Jack Miller|1 min read|Published On: November 6th, 2020|
As private commercial and Investment Mortgage Lenders, we focus on the needs of our borrowers and try to find solutions that make sense for them.
Gelt Financial regularly provides financing and closes deals without recourse or without pulling or asking about the borrowers’ credit. Of course, this is not on every deal, but we very often do it, and it happens a lot—some examples we can give you.
We have closed loans for condominium associations. On those, there is no one to sign or guarantee the loan personally. We have developed a specialty in providing financing to condominium associations either in Bankruptcy, distress or, for some reason, unable to obtain traditional bank financing.
We closed and provided the first Mortgage Bridge financing in Ohio, a commercial property that was leased out to a very strong national tenant, and we looked exclusively to at the property and lease for repayment and did not look at the owner’s credit report.
We recently approved a deal to provide a cash refinance on a single-family dwelling, where the loan to value was low; we felt comfortable enough with the property we did not ask for and did not look at the borrower’s credit. As well, we recently approved a request on a commercial property that was owed by a company with numerous shareholders, we looked just at the property, an credit was not a factor.
We are proud to be commonsense lenders and focus on the needs of our borrowers and focus on solutions and not hard and fast guidelines.
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