FREQUENTLY ASKED QUESTIONS
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We try to work with the borrower’s needs. Every deal is different depending on if we need an appraisal or not. If we don’t, it can be 5-10 days. If we do, sometimes appraisals are running a few weeks.
We move fast if we get what we need and a good understanding of the deal. We try to approve it and issue a term sheet within an hour or so.
Our team at Gelt Financial does, keeping you informed every step of the way.
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.
We do not lend on land, construction lending, farms, rural properties or assisted living facilities.
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.
No, feel free to start running deals by us, because we lend on commercial and investment properties there is no formal approval process.
Please send us your new contact information and we will update our records.
Please send us the new bills and we will adjust your monthly escrow if we are escrowing for the loan.
As soon as you received the bill send it to our servicing department the bills and we will pay it?
We are very active in the debtor in possession chapter 11 space doing loans in bankruptcy or as exit financing.
We do, you will be dealing with the same people.
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.
Yes, we have foreclosure buy out programs!
Yes, this is one part of many parts of the deal, we look at the total situation.
Yes, this is one part of many parts of the deal, we look at the total situation.
That’s ok, we understand that and have programs designed for this.
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.
We understand credit problems and challenges we work around them and focus on the future and the property. Credit problems are understood.
We can move very fast, it really depends on your time frame and we work to meet your needs.
Gelt is a non-bank lender and does not have the restrictions that banks have, we are creative and flexible as well move fast.
Yes, we do. We are opportunity lenders and have been lending on discount note purchases for years.
Yes, we do. We understand that things happen in life and are always looking to the future.
No, we are not credit score driven. We look at the complete picture.
No, we do not. We look at every request on an individual basis.