Gelt Financial just closed a collateral-only first mortgage on a commercial property in Fort Lauderdale, FL, within 10 days.
“Marcy: Hi, this is Marcy and Michael, and we’re going to talk to you about a deal that we did in Florida. So, Michael, you started the deal, so please tell our audience what we’re going to talk about.
Michael: It was a commercial property retail in South Florida, all free and clear. The borrower needed to get it fitted for a new tenant coming on board; the existing tenant’s leaving in August. We were able to do that with no third-party appraisals, no real documentation from our borrower, as it was all free and clear. We put the value in the property; we were able to provide a rehab loan in less than 10 days, maybe.
Marcy: So then after Michael got us signed up, it flipped over to me, and then I went forward to getting the loan closed. We ordered title; we got that done within, I think, four business days. We got the package done; we worked with the borrower every day. We talked to him every day; he was out of state. I was in contact with him. We didn’t really get any information on him; it was all about the property. And he needed this done fast because he’s working on getting the finalized lease with the new tenant, and the money that we’re providing him is going to do rehab on the property. He’s been on the property for over 40 years.
Michael: Yeah, never had a loan.
Marcy: Never had a loan, and really, you know, the money is gonna take care of like a lot of maintenance.
Michael: Yeah, the roof, AC, hurricane windows.
Marcy: Like bringing everything up to code, and he was thrilled with us. He could not stop thanking us for how we were like what we said we were going to do, we did, which is we’re very much like if we say we could do something, we can do it. And the deal went great, and it was a great deal for us and for the borrower. Everyone was happy.
Michael: Make sure you like and subscribe to YouTube; watch our videos.
Jack: If someone wants to get in touch with you, how do they get in touch with you?
Marcy: They can call me at 561-221-0900 ext. 103.
Michael: My extension’s 110.
Marcy: Yeah, we’d love to hear any comments or questions and have a great day.”
Category: Deals Done
