4 Day Commercial Investment Mortgage Closing on an Investment condominium, asset based loan, mortgage broker, no appraisal.
Jack: Okay, Michael, tell everyone about the deal that we just closed. Give everyone a snippet of the deal we closed last Friday.
Michael: So, we had a broker with a client that came to us. They needed a quick cash out. They have a retail shopping center, so they were looking for a second mortgage. Gave them the pricing on that. It ended up when I got talking to the sponsor, they owned other real estate, so they were looking for a lower interest rate. So, I gave them a first mortgage option on a free and clear condo in Long Island or a New York area, and we signed that deal up on Monday after over a month going back and forth with the broker and the borrower. We signed it up Monday and closed it Thursday cash out.
Jack: So, Monday to Thursday cash out refi. A couple other details if I remember correct, this was an investment condo. The borrower bought it from a 1031 exchange.
Michael: Yeah, over two years ago, maybe.
Jack: Yep, something like that, and we did the deal, no prepay, so the borrower can pay us off. We closed on the Thursday.
Michael: They didn’t want to be held to any certain amount of minimum interest or anything like that, so I structured it in a way that there was no prepay. They could pay us off whenever they want, and there’s an exit fee, so at the time of paying us off, there’s a small percentage. We’re paid like an origination fee, and that’s it, no prepay.
Jack: Close the deal four days.
Michael: Four days. They said don’t BS me; no one can close a deal in a week, and I said, please, it’s free and clear. If you have title, if you get us the conditions, and you move as fast as us, we’ll get it closed, and no BS. We got the due diligence and the signed term sheet Monday morning. Marcy had everything. I mean probably 3-4 hours of straight non-stop phone calls with everyone. Got it almost clear to close on the first day with the condition. So, a testament to the broker and the borrower moving as fast as we do. And then I think we have the closing package Tuesday ready for review. We were really probably could have closed Wednesday at like 8 o’clock at night, you know what I mean, but Monday morning first thing closed and funded, and they’re so happy, so impressed.
Jack: I was gonna say how happy was the broker and the borrower?
Michael: Very happy. Very happy. Very happy.
Jack: And the borrower was an attorney.
Michael: Yeah, a very big successful savvy attorney, so they’re very happy.
Jack: It’s what happened to Gelt Financial, we leave anything else out?
Michael: No. The next deal.
Jack: Okay, the next deal, remember, came from a mortgage broker. So, if you’re a mortgage…
Michael: He didn’t even do anything. He was so happy. He even said I’m so happy I could leave you alone with my client and trust you’ll get the deal done. He’s never dealt like that where he trusted; in us, so he was so happy to say I just sat back, I read every email, if I needed to chime in, I did, and just whatever I needed to do, I was there. So that’s how we are able to work so quickly, is we were able to get in contact with the client and the broker, get everything right away, and we got close.
Jack: Check us out at geltfinancial.com, like the YouTube, the TikTok, wherever you’re seeing this, like us, leave questions, call anytime, call 561-221-0900. Remember, when your bank says no, we say yes. Take care, have a great day.
Category: Deals Done
