Gelt is excited to provide first mortgage financing for the owners of a multi family property in Brooklyn, NY. This property was inherited with a balloon loan that was in default. We did it without an appraisal and as a collateral based loan.
“Jack: Hey, Marcy Berger, Brooklyn, New York is in the house.
Marcy: Yes, it is. We’re getting a lot of deals in Brooklyn.
Jack: We’re gonna talk about two of them. So, this one, I think it was a two-unit property in Brooklyn. We provided first mortgage financing. I believe the story is, Marcy, the lady inherited the property, and there was a balloon, and one of the big national mortgage companies put the loan in default because of the balloon and all that stuff because—
Marcy: They didn’t want to extend it.
Jack: They didn’t want to extend it. So it was in default. The lady, you know, she couldn’t go to a bank. Obviously, they come to us, give her a quick decision within an hour. So, send her a term sheet, get it to close very quick. No appraisals, no appraisal, and it was basically we did it based on the property’s information, the leases, and things like that. We didn’t qualify the deal on her. So it closed very quickly.
Marcy: Straight collateral, that’s what we were looking at.
Jack: Straight collateral, Marcy. There’s a common theme. I think the last three of these videos, we said the same thing.
Marcy: But it’s true.
Jack: I know.
Marcy: That’s what it’s all about here. If we like the collateral, the deal makes sense to us.
Jack: You’re right. You’re right. Anyway, check us out at geltfinancial.com. Call us at 561-221-0900. Like the YouTube, like the channel, leave your comments.
Marcy: Always. If you have any questions, reach out because we’re always available to go over a deal. If you haven’t, you know, need something explained, we’re here.
Jack: You know what we don’t talk about again? Most of the deals we do come from mortgage brokers. I’m going to say 90%, maybe, okay, almost all the deals, if not all the deals, come from mortgage brokers. We’ve got to push that more because the broker brought us this deal and made a good amount of money on it, and we’re very broker friendly. We love working with brokers. I think that’s it. Remember, check us out at geltfinancial.com. Call us with your deals. We love them. Thank you.”
Category: Deals Done
Tag: foreclosure
