Gelt Financial provided a new first mortgage foreclosure bailout loan on a mixed use property ion Brooklyn, NY. The mortgage broker called us and we approved and close the loan without an appraisal and it was a collateral based loan.
“Marcy: Hello.
Jack: Oh, we’re working, Marcy Berger, how are you?
Marcy: I’m great. How are you?
Jack: Good. What do they say, Brooklyn’s in the house. Close the deal. We haven’t done this in a while, but we’re going to make up for it.
Marcy: We haven’t been in the same state for several, several weeks.
Jack: I know. You know what, I forgot to change. I put on my white shirt, but okay, we’re already here.
Marcy: He’s not in his uniform today.
Jack: Okay, a Brooklyn mixed-use property, part of it was leased out, and he operated a business out of park, correct?
Marcy: Absolutely. He had been there for forever. I want to say like over 30, 40 years.
Jack: And I believe he was in foreclosure, uh, because he had a balloon that he didn’t pay off.
Marcy: Right, and he couldn’t, and he just didn’t refinance out of it, and they extended it for several years, and then they finally said, “Hey, enough is enough, you gotta figure this out.”
Jack: It was a total asset-based loan. Really, I don’t think we got any documents on him. It was really based on the collateral. And he’s a hard-working guy. He’s been there forever. To be candid with you, I think part of the problem he was working with some, I call maybe not the best mortgage brokers. He was dealing with some not the best mortgage brokers, and they really let him astray, and that caused him to blow through the balloons. But we refinanced, so we got it from the mortgage broker, the mortgage broker worked very hard. We closed the deal. We saw it immediately. No appraisal. The takeouts are no appraisal, mixed-used property in Brooklyn. I think the loan amount was like seven seventy-five, collateral-based loan. What else? It’s bread and butter for us.
Marcy: Yeah, and it’s the perfect loan for us. It was a complete good match.
Jack: And the mortgage broker made money today. Anything else?
Marcy: Yeah, that was it on the Brooklyn deal.
Jack: That’s it on the Brooklyn deal. Remember, like the YouTube or TikTok or wherever is saying this, leave your questions. We’ll answer them. Call us at 561-221-0900. Remember we’re doing small commercial deals, 100 grand to 3 million. You’re always going to speak to a decision-maker. We’re not selling our loans to Wall Street, so you know it’s common-sense underwriting. No appraisals. Nope. No income docs. Remember “When your bank says no, we say yes”. And remember, like the video. Take care.”
Category: Deals Done
