Gelt just closed on a Bridge to Agency short term mortgage solution on Multi Family in Chicago, we were called to private quick financing when it was clear the the permeant lender could not close in time for closing. We provided a prefect solution for all involved.

Marcy: Hi.
Jack: Marcy and Jack from Gelt, how are you?
Marcy: Doing good.
Jack: Good. Anyway, we just closed. I’m excited. It is a bridge loan, a bridge to agency multi-family. I think they were husband and wife, an investment property, a 21-unit building in the suburb of Chicago. Under agreement of sale, they got approved with Freddie Mac for a multi-family deal, but they couldn’t close in time. So, the mortgage broker closed it to us. We approved it the same day. It took about— we were ready to close within a week.
Marcy: We were ready to close, but, um, the seller, they were out of town. But meanwhile, we closed it in two weeks.
Jack: We closed it. We kept them from losing their deposit because the agency, and they’ll pay itself in a couple of months.”

Category: Deals Done

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