Marcy and Jack talk about a successful outcome on a loan, they paid us off. A borrower comes to us for a specific need that they have, then they refinance or sell the property and pay us off. Of course we love when they don’t pay us off and stay in our portfolio, but are happy for them when they can save or make money and pay us off.
“Jack: This is Jack and Marcy at Gelt Financial, and you know what? We’re really excited. Most companies don’t make videos when loans pay off. The standard videos and press release or tombstones when they do new loans.
Marcy: Right, but we are always looking for business.
Jack: Anyway, I think it was last week we had a loan pay off. It was, I think, two or three gas stations in New Jersey. They came to us about a year ago. Their bank put them in foreclosure. They were paying their loan, but the bank put them in foreclosure.
Marcy: Because it was a gas station, they don’t want to lend on gas stations anymore.
Jack: Whatever, we refinanced it. They paid us off, I think it was Monday or something of this week, and I think they got like a four and a quarter percent rate. We were sorry to see them leave us. We wanted them to stay around, but we were really thrilled for these people. It was a family-owned gas station. I think it was a son and a brother.
Marcy: Son and parents, but the bottom line was that we helped them through a difficult time to bridge them into permanent financing. So, we served a purpose in their lives, and everyone, it worked out perfectly. They paid us off; they’re on their permanent financing now, and that’s the whole point of what we try to do is help borrowers get through whatever situation they get into.
Jack: People come to us for a reason, and then if things work out well for them, they move on. That’s exactly what it’s for. We had two, coincidentally, yesterday before, two other calls, another gas station, I think it was in New Jersey too, wasn’t it? I don’t know what’s with the deals with Jersey, whatever it was, I guess we loved the Garden State, New Jersey. A guy had, I think, two or three gas stations; the bank put him into foreclosure, same thing. He’s refinancing. I think he said he got like a four or four and a quarter percent rate. We’re thrilled for him. Same thing, we spoke to a lady who owns.
Marcy: A property in Brooklyn in New York.
Jack: Again, another family business, you know, we do a lot of family business. It’s her, her mother, and her son. Same thing, they couldn’t get financing. They were in foreclosure. They couldn’t get financing; they had all kinds of city violations and codes. We lent them the money. Then they ran short; we lent more money. They’re getting like a four percent, four and a quarter percent rate somewhere else. So, I guess the whole point while we’re making this crazy video and taking our time is we want people to know that we do serve a purpose. We’re not for everyone, but we’re bridge lenders. We go out one to five-year deal. We also just—it has nothing to do with this video—we just issued an approval, or they signed it yesterday, a five-year deal in Orlando. I’m so excited about that.
Marcy: And an investor that owns investment properties like three houses. They are all rented out; they were all free and clear. Now he wants to take money out of them to do more investing, and we came in to play for him because we lend on collateral.
Jack: That’s right. So, we’re here for a purpose. When your bank says no, we say yes. Check us out at geltfinancial.com, like the video, like the YouTube channel, and call Marcy anytime at 561-221-0900 ext. 103, and have a great day. That’s the most important thing. We want you to have a great day. Enjoy, take care.”
Category: Testimonials
