Gelt Financial provides First Mortgages on Single or Multi family residential Investment Properties that are being purchased to flip or to fix up and lease out. Gelt usually closes them very fast, without appraisals occupied or vacant.
“Marcy: Hello.
Jack: Okay, we’re on. So, Marcy, why don’t you tell them about the deal we just closed?
Marcy: Absolutely, we just closed the deal actually in Florida, which was exciting price. It was like an owner-occupied business, so it was a nice building that this particular borrower was going to move their business in; they were purchasing it, they’re moving their business in there; actually growing from another state and one of the principles of the company is moving to Florida and branching out in Florida, and they needed a building to house their business, and they came through us because they did not report their income and had no tax returns to verify their income, and we did it based on the collateral.
Jack: So, as I remember the deal, it was an, I think, office space.
Marcy: Office space.
Jack: Office space. I think it was like a $350,000 or $400,000 purchase, something like that.
Marcy: Actually, there were still properties out in the world under $400,000.
Jack: Something like that. One of the borrowers had good credit; one of them not so good credit. You said they didn’t verify their income; they were two family members. They were hard-working, salt of the earth people, people who make America great; they go out and they create the American dream. They’re doing a lot of business and they’re growing and they’re expanding to Florida.
Marcy: And we were able to do this loan for them.
Jack: They went to Banks, SBA; they couldn’t get it done for a combination of reasons. We got the deal. Another interesting thing about this, let’s talk about speed.
Marcy: We got it, like on, I think, a Friday, and we closed it the following Friday.
Jack: Common for us; we do it all the time. Did it come from a mortgage?
Marcy: It did; it came from a mortgage broker. And honestly, it was actually a call-in mortgage broker that I was referred to them from another broker, and he called me and told me this situation. I’m like, “I can take care of this for you,” and we did. We got it closed exactly on their time frame, and everyone was happy.
Jack: Not exciting, not sexy, not glamorous, not $20 million or some skyscraper. Bread and butter, but we made these people happy, and they couldn’t buy the building without us. And again, they called us literally a week before the closing date; if not, the deal would have blown up. So, this is the kind of deals we do at Gelt Financial day in and day out. We don’t do sexy and exciting or international loans; very boring. We’re lending to people in the U.S., real estate investors, or, in this case, they were business owners, salt of the Earth people, hard-working people who know what it’s like to make a payroll and to fight for things not to go smoothly and to overcome adversity. And those are our borrowers. Anyway, remember, wherever you’re seeing this, on TikTok or Instagram or YouTube, like it, subscribe to the channel, hit the bell or the button, or whatever it’s called. You’ll hear more of them and check us out at geltfinancial.com. Call us at 561-221-0900. We’re lending; we’re doing business; we’re closing deals all the time; we’re getting payoffs all the time; we’re active. I know what’s going on in the world today, but we’re active at Gelt Financial. Take care and have a great day.”
Category: Loan Programs
