Gelt closed on strong value add deal in a major city, providing 100% financing. The property was purchased at a foreclosure auction, leased back to the owners and sold for a nice profit.
“Marcy: Mortgage tip of the day.
Jack: Mortgage tip of the day, Jack and Marcy at Gelt Financial. First, like our, whether you’re seeing this on YouTube or TikTok, like the channel. Leave your comments, leave your whatever, we’ll answer everything, we’ll answer if you don’t like us, you can leave that too. So, you know, people always say, “What’s the difference between coming to Gelt?” We’re a non-bank lender and going to a bank. I’ll tell you; a bank is a lot cheaper, they’re probably a third of the cost of us, but it takes a long time. They’re going to drive you crazy with documents—
Marcy: With details and commissions, and then you need this, and you give them this, and then they want that, and yeah.
Jack: There’s committees. We actually, behind the scenes, we’re—we do mezz lending with banks, and we know what it’s like to work with banks, they’ll drive you crazy, so—
Marcy: And then we’re ready, and they’re not ready.
Jack: We’re a viable alternative. If you’re making money with the property, you take a loan with us, you’re right, you’re going to pay a lot more than a bank, but you have to look at it, says it gets you in the door, you own the property, and then you can refinance us out.
Marcy: It gets your job accomplished, you own the property, and then what you do within the future is up to you.
Jack: Refinance us out at cheaper rates.
Marcy: Right, you get rid of our loan because we’re a bridge lender, but at least you got the property.
Jack: It’s the cost of doing business; banks increasingly are getting more and more difficult to deal with. You’re not talking—they don’t get to know you; any bank, this is, “Oh, we get to know you,” that’s all BS, that’s nonsense. They don’t care about you; they don’t know you; it’s all driven by the federal government underwriting policies at the FDIC. So again, with us, we’re fast; we can get you to close quick. My new line, we’re home at the 7—I don’t know, should we say 7 or 10-day close?
Marcy: I would say 7 to 10 days.
Jack: We’re the home of the 7 to 10-day close.
Marcy: If you have title, I can do it in 7.
Jack: We can get you to closing quick. A lot of our deals are bank quality deals. They come to us; they—to get the property.
Marcy: ‘Cause they’re going to lose the property, so they have—we’re an alternative. They come to us, and we get it closed. They own the property, and then they move along.
Jack: Mortgage brokers love working with us; we love mortgage brokers. So, we’re a viable alternative to a bank; again, more expensive, but it gets you in the door, and then you can take us out with a cheaper lender.
Marcy: Yep, that’s the mortgage tip of the day, alternative lending, that’s us.
Jack: And brokers, if you’re a broker, you should push this because you can make a whole living just dealing with bank fallouts, and banks are taking too long anyway. Check us out at geltfinancial.com. Remember when your bank says no, we say yes. Call us at 561-221-0900. And most important, have a fantastic day.”
Category: Deals Done
Tag: value add deal
