Jack Miller and Marcy talk about Gelt Financial providing an existing borrower a $300,000.00 when they needed more money, The property was in Brooklyn, New York and was a mixed use property.
“Marcy: Hi, Jack.
Jack: Hey, Marcy Berger! How are you?
Marcy: Good. We’re very chatty today. So now we’re going to talk about this for our existing borrowers that have loans with us. We had a borrower that came to us, and he was going to refinance out of our deal because he needed more money.
Jack: How much was he on the books?
Marcy: He’s on the books for $300,000, and he came to us, and he wanted another $300,000. And in the end of the day, we were able to get that done for him in a very timely manner. So instead of taking the whole loan and going to refinance it out with another lender, you know, we were able to do it in-house for him and get it done, and it was so much faster. The process was painless, and we were able to get him more money. So the bottom line is the point of this is to bring up to everyone that no matter what you could talk to us about what you need, and if we can figure it out, we’ll be able to do the loan for you.
Jack: Just want to clarify. We had a first mortgage on a property. The property happened to be a multi-family in Brooklyn, New York. Brooklyn, New York. We do a lot of business in Brooklyn and New York. First mortgage for $300,000. Borrower got in touch with Marcy. He wanted more money, was thinking about refinancing. We increased his loan, gave him another $300,000, so now he owes us $600,000, right?
Marcy: Right. And our loan-to-value, I mean, everything worked for everyone.
Jack: We extended the loan, and we also brought down the interest rate. So a lot of what we do here is working with our existing borrowers. They’re already on our books. They’re already part of what we consider the Gelt family. So self-understood, we do whatever we can to make them happy, to meet their capital needs. What did this guy need the money for, by the way?
Marcy: You know what? He was taking the money out to invest it in business.
Jack: The borrower needed money; we provided it. And we do this all the time. We work with our existing borrowers and new borrowers all the time, correct?
Marcy: Yep. Because the bottom line is that we try to make the deal work. And you can talk to Jack and me, and that’s the key here because you can get an answer quickly, yes or no.
Jack: You’re right. Like the video, check us out on wherever you’re at, subscribe to the channel, leave comments, whatever. We’ll get back to you. But we’re looking to do business, and our existing clients, we look to make them happy, we keep them happy. If not, they’re going to leave us. Take care and have a great day, okay?”
Category: Deals Done
Tag: second mortgage
