In Bridge Mortgage Loan Paid Us Off | Bridge Loans the video discusses a successful payoff of a bridge mortgage loan from Gelt Financial. The borrower owned three properties but had to file for bankruptcy on a fourth property, causing the bank to put him into default. Gelt Financial provided a loan of around $3.85 million and helped the borrower avoid foreclosure. After seven months, the borrower was able to refinance with a traditional lender and paid off the bridge loan from Gelt Financial. The video emphasizes that Gelt Financial helps small businesses and real estate owners when traditional banks say no, and invites potential customers to visit their website or call them for assistance:
Hey, this is Jack Miller at Gelt Financial. Let me tell you about a deal that we were paid off on yesterday. Usually, I make these videos about deals we close and things that are going on in this company, but a payoff is just as important because I want to tell you the story of what happened. We closed the loan about seven months ago. The guy owned three beautiful properties in one of the major MSAs in the country – two shopping centers and an office building, paying perfectly. The bank put him into default, you know why? Because he had another fourth property totally unrelated that he had to file a bankruptcy on. Whatever the reason was, I don’t know. It wasn’t our business; we weren’t involved with it. But the bank put him in default, started foreclosure actions. We made the loan, we lend him about $3,850,000, something like that. And seven months later, he got himself together. He was able to refinance it with a traditional lender, and he paid us off. We did what he needed; we saved him from the bank and from the threat of foreclosure. That’s what we do at Gelt Financial. We help small businesses, entrepreneurs, and real estate owners. “When your bank says no, we say yes”. That’s our motto.
Check us out at geltfinancial.com or call us at 561-221-0900. We’re always looking to help real estate investors and always looking for opportunities. Take care and have a great day!
Category: Deals Done
