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.
Is verifiable income required?Jack Miller2019-02-11T14:59:08-05:00
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.
Do I need good credit to qualify for a loan?Jack Miller2020-08-29T07:51:19-04:00
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.
How much of a down payment is needed?Jack Miller2019-01-06T22:36:26-05:00
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 does a no-doc loan mean?Jack Miller2019-04-22T15:13:03-04:00
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.
Are your rates higher than a bank?Jack Miller2020-09-05T17:19:39-04:00
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.
Do you require seasoning?Jack Miller2019-02-11T14:45:06-05:00
You can call us and run the deal verbally by us or email it to us. It’s best to start with a complete 1003 or Personal financial statement, credit, and summary of the loan. If it’s an income-producing property, a rent roll and income and expense statement is a big help.
What types of properties won’t you do?Jack Miller2023-10-02T16:20:51-04:00
Prior to us issuing a term sheet we will ask the broker how many points they are charging, we put the broker and their points right on our term sheet and the title company will pay the broker directly from closing.
Do I need a license to deal with Gelt?Jack Miller2023-10-02T16:20:49-04:00