Term sheet signed Black Friday, deal ready to close Wednesday. Broker contacted us when bank did not close and needed a very quick close. We did it!
“Jack: Hi, Jack and Marcy at Gelt. Anyway, we’re super excited. We just closed a deal in Boynton Beach, Florida. Not too far from the office. Coincidentally, we do business all over the country. I think 52 states. But this one was like 10 minutes from the office. A small retail property. The buyer was a tenant of it for 15 years. They were supposed to close a bank. Just, I don’t know what happened, dropped the ball. A broker called us. I think it was like the day before Thanksgiving.
Marcy: Wednesday, correct.
Jack: Yep. I issued him a term sheet. Worked through it on Thanksgiving. I said this in the last video, and people make funny, but I work 24/7. Thanksgiving, man. If it’s an opportunity to make money and do a deal, I’m doing it. Screw everything else. I’m working. I love it. And I love it. Friday, we got the signed term sheet. Marcy worked her backside off on it. We didn’t require any third-party reports.
Marcy: We just updated title, got the insurance done, and we were ready to close Wednesday.
Jack: Wednesday, yep. It turns out there was a couple of days’ delay, not because of us, because of the seller. So again, we did a deal. No appraisal, no third-party reports, literally almost nothing. Their broker had a complete package, and by the way, the broker did a fantastic job.
Marcy: It was a team effort.
Jack: It was a team effort.
Marcy: All players were in the game.
Jack: But I’m super excited because we get turndowns and deals where banks leave borrowers in the lurch all the time, and this is one that we got done in literally days. It was, what, nine hundred and something thousand—
Marcy: It was a nice deal, and everyone’s happy.
Jack: Boom. We’re happy. So, this is what Gelt Financial is about. Remember when your bank says no, we say yes. Call us, check us out. Like the YouTube, like the video, leave questions, comments, criticisms, whatever. Check us out at geltfinancial.com. Call us at 561-221-0900, and this one gets all the credit. All the credit. Have a fantastic day. Most of all, take care.”
Category: Deals Done
Tag: retail mortgage
