Gelt was pleased to provide the financing to purchase of a Gas Station- C-Store for the manager who purchased the property and business.
“Jack: This is Jack and Marcy at Gelt Financial. Hopefully, you’re having a fantastic day. We’re gonna talk about the c-store.
Marcy: Absolutely.
Jack: Let’s describe the property, c-store. I think four or six pump gas stations.
Marcy: I think it was six pumps.
Jack: Six pumps and a little car wash. I think a self-service car wash, and there was a laundromat that I don’t think was open, wasn’t it?
Marcy: It’s not operating right now, but it has the potential of a laundromat.
Jack: A laundromat the guy managed it for a long time. I think like 10 years.
Marcy: Yes, 10 years, after a long, long time, and then finally got up the energy and the cash to buy it.
Jack: And guess what? We financed them. It was in Memphis, Tennessee. Of course, it was a no-income verification. The guy, because it was a c-store, couldn’t go to a bank. We saw it; we closed it very quickly.
Marcy: And we made this dream come true. He owns his business now.
Jack: Made his dream come true, the American dream. Perfect deal for us, real estate, hardworking guy, good guy, salt of the earth. What else with the deal?
Marcy: Nothing, but we got it done really fast.
Jack: Came to us through a mortgage broker. They tried with a bank, and they wouldn’t do it.
Marcy: Nope, they wouldn’t do it. It got to the table with another lender; they couldn’t do it. They came to us; we had it done, and really, a couple of weeks.
Jack: It’s amazing. I didn’t know; I kind of forgot that that deal went to the table with somebody else. I just have to warn everyone, whether it be brokers or borrowers. It feels like every day, but maybe it’s not every day; maybe it’s every other day that we hear of deals going to the table with another so-called, quote-unquote, lender, and they don’t close.
Marcy: They don’t fund it; that’s why.
Jack: Does that happen all the time?
Marcy: Every day, every single day. We get a deal from another lender, and then for us, we love it because—
Jack: We can move very quick.
Marcy: Yeah, we got to close within 10 business days.
Jack: Remember, with us, the loan committee is here on this tape or on this video or whatever it is. We can make a decision instantly. We’re doing deals without appraisals in a lot of the times. Sometimes we’ll do an inspection on the property, but that takes like a day.
Marcy: Yeah, that’s within five business days; we get an inspection for it.
Jack: Yeah, and I think it costs 160, as opposed to three or four grand with an appraisal. So, we’re closing deals very, very quickly. We can make use of whatever documents they have. Again, self-understood; it’s a good deal anyway. I think we covered that right. Have a great day. Remember to like the YouTube, like the channel, hit the bell or the button. Call Marcy at 561-222-0900, extension 103. Check out our website geltfinancial.com. Remember, when your bank says no, we say yes. Have a fantastic day.”
Category: Deals Done
