Gelt is excited to partner with a local real estate investor. We provided 100% debt and equity in a deal where we purchased an office building and leased it out to a local non profit.
“Jack: Hello, everyone. This is Jack and Marcy from Gelt Financial. I want to tell you about a deal that we did. I think a lot of our viewers or people who watch us, whatever the right terminology is, going to be very interesting. 100% financing on an office building in Vineland, New Jersey. Vineland is a suburb of Philadelphia, about 45 minutes outside of Philadelphia. A guy who I’ve known for 25 years, we’ve done tons of business with him. For whatever reason, he can’t go to a banker, can’t go to too many traditional lenders. He found a credit tenant deal, a non-profit who needed a long-term lease, 10 to 15 years. He found a property that, believe it or not, was an old funeral home. We, with him, purchased the property. We provided the financing. We got a CAM-based triple net lease, got the tenant to sign it, we closed it. We’re co-GP’ing it with this guy. So, what did we get? We’re co-GP’ing the deal. We got to put out $500,000 in a beautiful deal with a beautiful property, and he got 50% of the property without putting up any money. Again, everyone—50% of the property—everyone was 50% of the property without putting up any money, and the tenant got what they want. Beautiful deal. So we’re not just lenders; we’re real estate investors, and we’re looking for opportunistic deals. We don’t mind co-GP’ing it. We don’t mind putting up all the money if it’s the right deal. Now, people call up all the time. They want us to put up all the money, and the deals aren’t so great, so that doesn’t work. But if it’s the right deal, we do this all the time. In fact, right after this video, we’re going to make another video about how we did it with two guys on three other properties. So Co-GP, we’ll do a Co-GP, we’ll do JV equity, we’ll do mezz, we’ll do pref equity, self-understood debt, or a combination of it as long as they’re good deals. Give us a call at 561-221-0900. Check us out at geltfinancial.com. Don’t forget to like the YouTube, like the YouTube channel, leave comments. What else?
Marcy: That’s it. We’re here to help, and you know what? Every deal is different. That’s the truth of the matter. So, run it by us because you don’t know what we’ll say. It doesn’t always—you gotta ask.
Jack: You know, it’s funny. I feel bad. I get people calling up all the time and send mostly emails. You know, “What’s what? Send me your guidelines. What can you do? What’s your rate? What’s your term?”
Marcy: We really don’t. We don’t have guidelines. I get asked this question probably like five times a day at least. Every deal’s different, and we do tailor the deal to the property.
Jack: Let me back up. The number one guideline we have is don’t lose money. That’s the guideline.
Marcy: It also has to make sense for everyone, absolutely.
Jack: Anyway, check us out at geltfinancial.com and give us a call anytime. Remember, there’s tons of opportunity out there. If you’re sitting around, don’t sit around. Go look for a property, hunt, buy them at auctions, do whatever you have to do, create value. We live in an unbelievable time in an unbelievable place. Anyone can achieve success if they create value, and there’s tons of value to be created. Don’t think the real estate market’s too high or too low or whatever. There’s always an excuse why you can’t do something, but you’ve got to get up and find a way to do it. Tremendous opportunity. Take care, have a great day.”
Category: Borrowers
Tag: 100% financing
