Gelt Financial is lending and busy, while the secondary market is almost shut down and a lot of other lenders are not lending. We are busy providing commercial and investment mortgages to real estate investors and owners of small business.
“Marcy: Hi, what are we talking about now, Jack?
Jack: Okay, I think this is a really timely subject to talk about. How, uh, we’re making this. I don’t know what date it is. It’s a couple days before Christmas. Uh, December 23rd, or 22nd.
Marcy: No, it’s only the 20th, 21st, something like that. Really, I have no idea what day it is.
Jack: Oh, 20th, whatever. 20th is 2022. But we’re going through something that really the country and our industry went through during Covid. That, uh, when Covid happened is now a lot of other lenders who are selling their loans to the secondary Market or who are funded… I got to sit up, my back’s hurting me. I was scrunching down to be nice, yeah, oh, that’s better. A lot of lenders who are selling their loans to the secondary Market or funded by Wall Street or another company or have Bank lines, they’re effectively not lending.
Marcy: They’re all shut down.
Jack: If they’re lending, they say they’re lending, but most of them aren’t.
Marcy: They’re not.
Jack: Are 99%.
Marcy: And they change all their requirements too. Where they made it basically impossible to get a loan.
Jack: Yes, so we’re actually swamped the past month or two in the same exact thing happened during Covid because we’re not funded by Wall Street. We don’t sell our loans. We’re not funded by Bank lines. We’re funded a hundred percent, not 99%, 100% with equity, our own capital and our partners’ Capital. We have some high-net-worth investors and things like that who we partner up with.
Marcy: We’re direct lender.
Jack: We’re direct lender. We service our loans. We service every loan. You’re going to pay us if there’s a problem. God forbid, you will work with you on it. You’ll pay us off. So, we’re not subject to the secondary whims of Wall Street or Bank Regulators or Banks.
Marcy: We don’t—We have our own rules.
Jack: Yes.
Marcy: You know we have our own guidelines.
Jack: Yes, so we’re doing tons of deals every day of the week. We’re seeing deals, the same old story. Someone approved it, and they’re not funding it, and they’re coming to us, and they’re desperate. And it’s sad for these people, but that’s why.
Marcy: But we helped them now.
Jack: A thousand percent.
Marcy: No, it is sad, but in a sense, it’s not sad because we’re able to get the funds they need to clear up the situation.
Jack: You think this video would be nicer if I was taller and had a longer arm? What do you think?
Marcy: I don’t know.
Jack: If I was like a basketball player and have like eight feet arms, you think these videos would be nicer?
Marcy: I don’t know, I mean it’s possible. Maybe if we have a professional camera, you know, or a professional crew. I don’t know, but it doesn’t even matter, everyone loves seeing silly videos—
Jack: We have an iPhone, and we’re in business. So, we’re doing deals. With Gelt, you’re always going to speak to a decision maker. You’re going to speak to you, Michael. No, any bunch of million people here, not a million, but a bunch of people here, and you’re going to speak to a decision maker. We’re going to issue you a term sheet right away. And the average deal, I’m guessing we’re closing in 10 days, two weeks, is that fair? Sometimes much faster, and we could think out of the box, you know. It’s weird. This is going a little longer, but I think it’s important we tell people. And we don’t do construction loans, but we just closed the construction loan. We tell people we don’t do land, but we just closed land. We tell people we max out at 3 million, but we just closed 4.3 million. So, if the deal makes sense, we’re willing to think.
Marcy: We’re gonna look at it.
Jack: Yeah, we’ll look at it. You know we’re not hard and fast one way or the other. We’re very, very common sense, old-fashioned portfolio lenders. And we love, 90% of our deals come from mortgage brokers. So, how do we go?
Marcy: Good, so you know what is that time of year, Jack. I want to do a shout out, happy holidays, everyone. Have a good New Year and health and happiness to everyone out there.
Jack: And “When your guys say no, we say yes”. Screw all the happy holidays stuff. I’m right down to business. Check us out at gelfinancial.com. Call us at 561-221-0900, extension, I don’t know, whatever extension. Bye now.”
Category: Loan Programs
