FAQ2019-03-13T19:45:35-04:00

FREQUENTLY ASKED QUESTIONS

I am in bankruptcy now, can I get a loan?2019-04-22T15:19:17-04:00

We are very active in the debtor in possession chapter 11 space doing loans in bankruptcy or as exit financing.

Who services your loan?2019-04-22T15:17:53-04:00

We do, you will be dealing with the same people.

How much of a down payment do I need?2019-04-22T15:10:01-04:00

It depends on the situation, we are collateral driven and focus on the value of the collateral, as well we allow our borrowers to use other real estate they own instead of a down payment.

What if my property is in foreclosure now?2019-04-22T15:08:29-04:00

Yes, we have foreclosure buy out programs!

Can I still get a mortgage with a foreclosure on my record?2019-04-22T15:07:25-04:00

Yes, this is one part of many parts of the deal, we look at the total situation.

Can I still get a mortgage with a bankruptcy on my record?2019-04-22T15:06:15-04:00

Yes, this is one part of many parts of the deal, we look at the total situation.

What if I can’t verify my income?2019-04-22T15:04:08-04:00

That’s ok, we understand that and have programs designed for this.

I don’t have good credit, will that prevent me from getting a mortgage?2019-04-22T15:01:56-04:00

While every deal is different, being a non-bank lender, most of our borrowers have or had credit issues, therefore, we focus on the future and on the property.

Bad credit? Credit problems?2019-04-22T15:00:48-04:00

We understand credit problems and challenges we work around them and focus on the future and the property. Credit problems are understood.

How long for my closing?2019-04-22T14:59:11-04:00

We can move very fast, it really depends on your time frame and we work to meet your needs.

Why Gelt Financial compared to a bank?2019-04-22T14:56:01-04:00

Gelt is a non-bank lender and does not have the restrictions that banks have, we are creative and flexible as well move fast.

Do you lend on discount note purchases?2019-02-11T14:40:57-04:00

Yes, we do. We are opportunity lenders and have been lending on discount note purchases for years.

Do you do foreclosure bailout loans?2019-02-11T14:42:45-04:00

Yes, we do. We understand that things happen in life and are always looking to the future.

Do you do construction lending?2019-02-11T14:43:02-04:00

Sorry, we do not.

Do you lend on land?2019-02-11T14:43:17-04:00

Sorry, we do not.

Do you have a minimum credit score?2019-02-11T14:43:38-04:00

No, we are not credit score driven. We look at the complete picture.

Do you require seasoning?2019-02-11T14:45:06-04:00

No, we do not. We look at every request on an individual basis.

Are your rates higher than a banks?2019-04-22T15:17:01-04:00

Yes they are, we have a lot of flexibility and we use a risk-reward pricing model, as well many factors weigh in such as load size, documentation, and the length of the loan. It’s all relative. If we’re providing financing on a deal that the borrower is going to make hundreds of thousands of dollars, he might think we are cheap. We are more expensive then banks, but there are a lot of factors that go into our pricing.

Are you a hard money lender?2019-04-22T15:15:35-04:00

Everyone has a different definition of what is a hard money loan or lender is and it’s always changing. We are a private portfolio lender doing deals that provide people with the financing they need. I would say we offer hard money programs.

Why would someone use a bridge lender?2019-04-22T15:14:14-04:00

We provide the opportunity to either save money or make money using our financing. Usually, they use a bridge loan for a short time to take advantage of a situation to get them out of trouble.

What does a no-doc loan mean?2019-04-22T15:13:03-04:00

We are flexible with the documents and as long as we are comfortable, we don’t need a lot of documentation.

How much of a down payment is needed?2019-01-06T22:36:26-04:00

It really all depends on the deal, there are no hard and fast rules. As an example, if you own other real estate properties, we might be able to use that instead of a down payment. If you’re buying the property at a big discount, a down payment might not be needed. We are flexible.

What are the benefits to coming to Gelt?2019-04-22T14:54:50-04:00

Gelt has been providing mortgage’s and the capital needed to the real estate investors since 1989, when you deal with Gelt you deal with the decision maker who will give you the straight story upfront, At Gelt most of the deals we approve we work out the terms right on the phone with our borrowers and then within a few hours issue a term sheet with all the details listed in easy to read language.

Do I have to be signed up with Gelt as a broker to close a loan?2019-01-06T19:14:42-04:00

No, just send us an application, credit and loan summary.

Do you service the loans you close?2019-01-06T19:13:47-04:00

We do and you will be dealing with the same people who make the loan. Your not just an account number to us.

Do you work with brokers?2019-01-06T19:12:57-04:00

We have been working with mortgage brokers since 1989.

If I have a recent bankruptcy can I still get a loan?2019-01-06T19:12:05-04:00

Ye, you can, in fact, we also lending to people and companies in bankruptcy.

Do you offer business or personal loans?2019-01-06T17:28:07-04:00

We offer business and investment mortgage loans on real estate. We do not offer owner-occupied residential or personal loans.

Can I close in the name of my entity or LLC?2019-01-06T14:19:40-04:00

Yes, of course.

Do I need good credit to qualify for a loan?2019-01-06T14:19:02-04:00

We use common sense underwriting, and understand that people have ups and downs, we take everything into consideration and are not afraid of bad previous credit.

Do I have to show personal tax returns or proof of income in order to get a loan?2019-01-06T14:18:16-04:00

We have non-income verification programs available as well as limited documentation programs available. We use common sense when looking at loans and realize that sometimes all the paperwork is not in order.

What are your minimum and maximum loan amounts?2019-02-11T14:57:59-04:00

$100,000.00 minimum amount and no maximum amount.

What is your normal turnaround time to close a loan?2019-02-11T14:58:07-04:00

While every loan is different, most loans close in 30 days or less.

Do I have to pay a fee in order to get an approval?2019-02-11T14:58:14-04:00

No

How long does it take to get an approval?2019-04-22T14:57:35-04:00

Once we have the application, credit, and a summary, most approvals take a few hours.

Are you a direct lender?2019-02-11T14:58:38-04:00

Yes, we are, which means you get to speak directly with the decision makers and they get to listen to you. It gives us a lot of flexibility in structuring deals that meet our borrower’s needs.

Do you lend nationwide?2019-02-11T14:58:47-04:00

We lend in 40 states.

Length of time to obtain financing?2019-02-11T14:58:54-04:00

Gelt Financial has an experienced and ambitious team standing by to begin working on your financing as soon as possible. Commercial loans can be closed in as little as 30 days.

Any type of credit requirements?2019-02-11T14:59:01-04:00

Gelt Financial has no credit score requirements or minimums and provides common sense and “storied” underwriting to secure financing for even low credit scores. Gelt prides itself on flexibility.

Is verifiable income required?2019-02-11T14:59:08-04:00

Gelt Financial is a common sense underwriter that looks for financials that make sense. We enjoy working with storied and value added properties.

What collateral can be financed on?2019-02-11T14:59:15-04:00

Gelt Financial keeps an open mind on deals with a wide array of different collateral. The most common types are: Single Family Rehab or Investment, Multi-Family, Office, Retail, Industrial, Self-Storage, Single Tenant, and Mixed-Use.

Does Gelt handle difficult financing?2019-02-11T14:59:22-04:00

Gelt Financial is not intimidated to handle the complicated and messy financing deals. Gelt’s vast experience allows us to handle difficult deals that most others can’t.

How does the financing process begin?2019-02-11T14:59:30-04:00

The process begins by filling out the form at the top of this page and speaking to one of our experienced loan officers. From there we can determine the best way of moving forward.

How do I request a payoff statement?2019-02-11T14:59:38-04:00

Contact us at least 5 days prior to the payoff date

How do I request a draw2019-02-11T14:52:29-04:00

Send us an email with a draw request and pictures of the progress on the property. Please make sure to allow enough time for us to do an inspection.

Do I need a mortgage satisfaction for an old loan that was paid off?2019-02-11T14:53:12-04:00

Contact us at Info@Geltfinancial.com and please send a copy of the mortgage and or title policy with your contact information.

What to do If I can’t pay the mortgage by the maturity or balloon date2019-02-11T14:59:51-04:00

As soon as you know this will be an issue contact us and will work with you to find a solution.

What’s your mortgage clause on my property insurance2019-02-11T14:57:02-04:00

Gelt Financial, LLC ISAOA 500 NE Spanish River Blvd, Suite 205, Boca Raton, FL 33431

What to do if I can’t make a payment?2019-05-31T01:23:15-04:00

Call us, communications is critical.

How do I make a payment?2019-02-11T14:57:44-04:00

You can mail us a check, or pay us online through your bank’s bill pay system.