JUST CLOSED IN ATLANTIC CITY, NEW JERSEY!
We have a story for you. An American Dream come true.
Last week we received a $65k payoff from a family who owned a bodega, in Atlantic City, NJ. They were renting for five years, and the next-door property suddenly became available. The property was a mixed-use property with a store on the first floor and an apartment on the second floor. It was an opportunity to own real estate and it was the perfect location for them. All they needed was the money to purchase the building.
They went to multiple traditional banks and the banks were not interested in helping them with their financing. From the bank’s point of view, they needed a very small, private commercial mortgage. Their paperwork, such as tax returns, was not in good order, and they had very little formal credit. It was a non-starter for the banks.
They went to a mortgage broker who presented us with the deal and situation. They had a ton of cash and we provided them with $65K to secure this mixed-use property. For us, it was a tiny commercial hard money loan, but for them, a huge relief. In fact, it was a life-changing moment for this hard-working family who was self-employed and had the American Dream of expanding their business and buying real estate.
For Gelt, this is the type of borrower and property we love working with. “We have had great experiences with them over the years,” according to H. Jack Miller, Gelt Financial’s President. “They are very hard-working people and families, honest, and love the opportunity to own commercial real estate. We commonly do limited or no documentation loans as well as look beyond a credit report. Gelt Financial loves working with bodegas and small business owners in solving their financing challenges. Gelt is in a perfect position to do this as a non-bank commercial private lender.”
Jack also said there is nothing more satisfying than to give those who want, opportunities to make money using our capital.
We happily provided them the mortgage financing and got the call last week that they were paying it off after three years of paying us like clockwork. They borrowed the money from their family to pay us off. This is a hardworking family who couldn’t get bank financing and we provided them the financing seamlessly. Gelt Financial stepped in when other traditional lenders did not and it was a true pleasure working with this family over the years. We are thrilled about their continued success and love helping families who have been turned down for financing to achieve their dreams. Because Gelt Financial is a private commercial mortgage lender we can use common sense in making our underwriting decisions which allow us to provide commercial mortgages when others can’t and don’t.
If you know someone looking for non-bank lending to secure a commercial property or investment property, we should be your first call. We love working with self-employed business owners who need private lending. When your bank says NO, we say YES!