Closing on a Day Care center in Atlanta, Georgia

Marcy and Jack talk about a new closing on a day care center in Georgia.

“Jack: I think we’re on. Hello, this is Jack Miller, and this is Marcy Berger. How’s everyone doing?
Marcy: Great! How are you?
Jack: I’m all right, a little getting used to working from home is a little bit stressful sometimes, but…
Marcy: Yeah, it is because everyone still wants to talk to you.
Jack: You know, I’m used to going over to someone’s desk, “What are you working on? What am I working on?” So now it’s like a lot more email tag, phone tag, and things like that, but getting there. Anyway, today, we just had our third Corona closing. Closed a daycare center in a suburb of Atlanta. I forget what it’s— I can’t even, what’s it called? McDow—
Marcy: McDowney. Yeah, like outside of, I don’t know, it’s somewhere in Georgia.
Jack: So why don’t you tell our wonderful brokers about the deal?
Marcy: It was a great borrower, very experienced in buying and selling, and buying and selling and flipping buildings that house daycare in. And he already has a tenant. Okay, so he already has a tenant lined up, a daycare person. Despite the virus going on, there might be a little lag time, but a very strong borrower. He can carry the loan no problem, and he put a lot of money into the deal. And we’re happy with it.
Jack: So excellent credit. A couple of other things I want everyone to know: they had to come to us. They’re bankable, but they had to come to us because they needed to close because they’re doing a 1031 tax-free exchange, and they had some real hard deadlines on it. So we closed the loan. I forget whether we gave him a year or two years. They’ll probably refinance us out. It came from a mortgage broker who was very happy to get it done. Am I leaving anything else out?
Marcy: No, it was actually a very easy transaction. You know, things happen in the world, but we worked through it. We depend on different vendors to help, there’s another attorney, there’s title, and everyone communicated online, and we were able to get this closing done, and it was amazing.
Jack: So check us out at geltfinancial.com. Call Marcy at 561-221-0900, ext. 103.
Marcy: Get me fast. Go ahead and email me at Mberger@geltfinancial.com, and I will get back to you.
Jack: And like the video, like our YouTube channel, and we miss you. We hope you’re safe, you’re social distancing.
Marcy: So, send me deals to review. We’re here to look at everything.
Jack: Yeah, I’m getting a lot of calls and emails from brokers: “Are you guys still in business? Are you doing deals?” We’re definitely doing deals, but conversely, we’d be foolish to ignore the market. So we have to take into consideration, saying how our borrowers gonna pay us in the next couple of months. So doing deals that make sense.
Marcy: And I’ve been telling most brokers, I’m like the way I’ve been explaining it is we’re doing deal by deal, and we’re looking at them all as individuals, you know, looking at every single piece of the puzzle and then making a decision.
Jack: Okay, thank you. Check us out at geltfinancial.com, like the YouTube, check to see or hit the button or the bell so you know if I wouldn’t get more. Marcy, take care. Everyone stay safe.”