An experienced investor was able to put under agreement of sale an Industrial building with a large amount of ground at a very good price. The property was lost to at a foreclosure sale by the previous owners and owned by the bank, the investor was successful in lining up a great lease. We provided 100% of the purchase price to the investor he used additional collateral as well.
According to Jack Miller, president of Gelt, this is the making of a good deal, an owner buys a property at a good deal and we provide him the capital he needs. It also should be noted we closed the loan without an appraisal. Its a win win situation.