Detroit Retail Cash Out Refinance First Mortgage

Gelt closes on a first mortgage cash out refinancing for $300,000.00 on a strip of stores in Detroit.

“Jack: Hello, everyone. This is Marcy and Jack. Marcy, what deal are we talking about today?
Marcy: We’re gonna talk about a deal, a little strip shopping center with like four units, which actually they were all separate, they were like condos.
Jack: And the guy accumulated them over a period of—
Marcy: Like four years.
Jack: Yeah, I think he bought some at like tax sale and all sorts of distressed ways.
Marcy: Right, and then reinvented them and leased them out, and the look of the shopping center was really attractive to the eye. They did a lot of rehab work on it and a lot of good marketing, and then they came to us for a loan.
Jack: We provided them $300,000. Oh, it was in Detroit, Michigan. A lot of people don’t like Detroit, but we just closed the deal there.
Marcy: People live in Detroit, Jack.
Jack: People live in Detroit. Truly has a bad name, every big city has a bad name.
Marcy: We’re just spoiled because we live in Florida, and it’s nice weather here all the time.
Jack: Except when it’s hurricaning, and the summer’s hot. Anyway, Detroit, Michigan, guy accumulated some strip stores. I think he went to a few banks, and they wouldn’t do it for whatever reason.
Marcy: Well, again, it got to the table, and they didn’t fund because a lot of times the other banks say, you know, they’re like rah-rah-rah-rah, and then they really don’t have an investor at the end, and it doesn’t fund, and you’re kind of sitting there and just waiting and waiting, and how long do you want to wait? So they come to us.
Jack: Shorty to close. We close deals, yep. In fact, I feel bad. I feel like I should make a video or say something. We haven’t made a video or put out a press release in a month. It’s not because we’re not closing deals. It’s because we’re so busy closing deals we haven’t had time to breathe. So we’re trying to do a bunch of things anyway. Detroit, Michigan, strip center retail, and the money was, I think, about $150,000 in delinquent taxes.
Marcy: Yes. So, actually, it was all cash out. There were no liens on any of the property. But what we did was we helped this borrower and his family clean everything up, get back on track, and, you know, be successful. So that’s helped them.
Jack: Paid his taxes. Remember when your bank says no, we say yes. Check us out at geltfinancial.com. Call Marcy at 561-221-0900, ext. 103. Like the YouTube, like the YouTube video, leave comments. We answer all your comments and remember we’re doing business. Our model is, you know, deals from 50 grand to 3 million. Self-understood, non-bank. If you can go to a bank, go to a bank, but people are coming to us who can’t go to a bank, who need to close quick. They take our loans for a year, two years, three years, five years, whatever it is to stabilize the situation. And we’re very common-sense lenders. You know, we looked at that property. I don’t want to go into too much detail, but a bank won’t do it, a traditional lender won’t do it for a variety of four or five reasons. We looked at it and saw other reasons why we would do it, and that’s the type of deals we do. Very common-sense-based. Okay, have a great day, everyone.”