Closed First Mortgage on a Restaurant Bar in Philadelphia.
Gelt has been helping commercial real estate and investment borrowers since 1989. When your bank says NO, we say YES!
“Jack: Hey, Marcy, we just closed a Philadelphia restaurant tavern bar, something like that.
Marcy: Yes, it was a mixed-use property.
Jack: Mixed-use property, very charming property. The borrower seems like a very nice guy too, hard-working. You know what I love doing when we deal with self-employed people because they give it their all. They’re hard-working; they work seven days a week. They’re thinking about it day and night. It’s their whole life. They leave it all on the table. Tremendous amount of respect for self-employed people. But anyway, if this was a little bit of a weird deal, it was what they bought out—
Marcy: Yeah, it was actually. The deal has gone on for a very long time. It was a sale, but it was a sale from the estate because one of his original partners passed away. So then to clear everything up, there was like transfer tax, inheritance. I mean, it was a little tedious, but we got through it and we closed it.
Jack: Am I correct in saying that we had this in our pipeline before COVID began?
Marcy: Well, yeah, I mean, not really. It was like a year, so it came in the middle of COVID.
Jack: Probably one of the longest. It wasn’t our fault. It had to do with the estate and the purchase and all that. But the bottom line is mixed use. Not many lenders are doing mixed use. No appraisal, restaurant bar, the whole shooting match. We closed the deal, and that’s it. We’re looking for these. This, that’s our bread-and-butter deal. Wasn’t a big deal. It was a $250,000 deal. You know, everyone makes these videos. “Oh, they’re doing these $32 million dollar deals, glamorous deals.” We don’t do that. We do bread-and-butter. We do a lot of deals, bread and butter. Anyway, when your bank says no, we say yes. Check us out at geltfinancial.com and subscribe to our channel, and you’ll get more of these. Take care and have a great day.”
Category: Deals Done
Tag: restaurant financing
