Jack Miller and Marcy closed a very quick closing in Florida for a real estate investor on a single family investment property.
“Marcy: Hi Jack.
Jack: Hey Marcy, how you doing? Our first video in our new office.
Marcy: Yeah, we’re in our new office.
Jack: Marcy, tell everyone about the deal we just closed… (Jack adjusts the camera). Well, that looks better much—in Bradenton.
Marcy: Sure, it was actually in Bradenton, Florida. It was actually a broker picked up a deal. We had the opportunity to pick up a really nice little house with a great price on it, and he came to us because he had to close fast. He had to close by the end of the month, and the seller had a 1031 that they had a date they had to close by. So, we had the deal for less than a week, and we got the deal closed for them, and it was great. We were happy; they were happy, and he picked up a great investment.
Jack: So, let me summarize…
Marcy: Sure.
Jack: Just, I want to make sure I get, correct me if I’m wrong; you always do. You’re not shy about correcting me when I’m wrong, thank God. I have a lot of strong women around me who are always pointing out when I’m wrong, which is a lot.
Marcy: We always point it out to you, right?
Jack: Which is a lot, right? That’s true. I don’t remember that so much, but anyway…
Marcy: I’m gonna point now.
Jack: Oh, okay. I’m teasing you. So, the storyline is, a borrower picked up a steal or a fantastic deal on a property, but they had to close in a week or less, correct?
Marcy: Yes.
Jack: Something like that. No one else could do it. It was brought to us by a mortgage broker. I think the borrower didn’t have tax returns. It didn’t have some bunch of documentation, correct?
Marcy: Correct. And it was really, we made the deal on the real estate.
Jack: On the real estate. So, a collateral loan brought to us. So, the borrower made a ton of money by buying it cheap. And so again, people come to us for access to capital. They made money by using our money to buy the property when no one else could deliver it. We closed it in less than a week, correct?
Marcy: Correct.
Jack: Or something like that, right?
Marcy: Yeah. Today’s the 1st, and we closed it on the 31st. So, actually the 30th.
Jack: And it was a $221,000 loan in Bradenton, Florida, on a single-family dwelling. No appraisal, no tax returns. Was there any lease or anything like that?
Marcy: No. I mean the lease was in there. I mean it was actually wasn’t a month-to-month at this point because, honestly, you know they’re gonna try to get the tenant out because it’s least very much undervalued, and you know they’re going to get a new person in it.
Jack: And no appraisal.
Marcy: No appraisal.
Jack: Remember, and this happens every day at Gelt Financial. Remember, “When your bank says no, we say yes”. We love working with mortgage brokers, and we love working with investors and owners of small businesses. You know they take risks; they give it their all, they’re up nights, and I love working with them. They have a tremendous amount of respect with them. Check us out at gelfinancial.com and like this on YouTube or TikTok or wherever you’re seeing it. If you have questions, and we’ll answer them. Take care and have a great day.”
Category: Deals Done
Tag: Florida
