Mobile Home Park closes, in Long Island, NY Gelt has been helping commercial real estate and investment borrowers since 1989. When your bank says NO, we say YES!
“Jack: This is Jack, Marcy at Gelt Financial. How are you today, everyone?
Marcy: We’re great.
Jack: We’re great. You know what? We really want to hear how you’re doing. Leave your comments in the YouTube thing. Actually, I answer a lot of comments here. We got tons of comments. We get, Marcy, almost every day of the week. We get comments and people—
Marcy: No, because people like our videos. They’re very informative, they’re very friendly, they’re very real.
Jack: Yup. So, what do we got today?
Marcy: We have a closing at a mobile home park in Long Island, New York.
Jack: Mobile home park. I think there were 40 units, and there was like a little house on it, and it was stabilized, but there was room for expansion.
Marcy: Yes, they could bring more homes—mobile homes on some pads that were empty.
Jack: Borrower only put 10% down. We provided the first. The seller provided the second. We approved the deal on the phone call, got them the term sheet within 20 minutes. We’re ready to close in, I think, 7 or 10 working days, right?
Marcy: Yup. We were ready to close, and just a couple of things with the two parties, the seller and the borrower, and then they worked through everything, and then we closed the loan.
Jack: Borrower came through us from a mortgage broker, and the borrower, they were very nice people, very nice people, funny nice people. You know what the truth is, Marcy? I don’t know if you feel this way, but you know what? Working with people like them, hard-working entrepreneurial people, you know, salt of the earth. They make this country great.
Marcy: And it was just a complete pleasure for everyone to get it done, and just like it was a great feeling to help someone live their dream, you know?
Jack: Live their dream, that’s it. Remember when your bank says no, we say yes. Like the YouTube, like the YouTube channel, leave your comments. We respond to the comments. We take them seriously. Anything else we left off on this deal, Marcy?
Marcy: It was great. Now it’s closed, and now we’re on to the next one.
Jack: To the next one, tomorrow. Take care, everyone. Have a great day.”
Category: Deals Done
