Gelt Financial closes a refinance on a new construction investment property in Texas.
“Jack: This is Jack, this is Marcy at Gelt Financial. We just closed the loan in Manville, Texas, which is a suburb of Houston. I think it’s like 30 minutes or 30 miles outside of Houston. Marcy, tell them all the story about it.
Marcy: So, the deal was new construction. The house was completed in July. It got to another lender, and the lender pulled back. Everything got pulled back because of Covid, and they came to us to do the deal. They ended up having to pay cash for the property because they had to close. They were in a contract, and they came to us to do a refinance to get their cash back out because they were using the cash to invest in two other properties, two other investments. So, we were able to do the deal for them with no appraisal. They had very good credit, but we got the deal for them done, and I’m going to say probably less than two weeks.
Jack: And it was investment property, brand new construction. That’s right, good credit, shining citizens, good hard-working people. The other lender just shut down because of Covid, and we stepped up. Anyway, check us out at geltfinancial.com. Like the YouTube, like the video, hit the bell, the button will notify you and more. More important, send us deals. We’re looking to close loans. When your bank says no, we say yes. Bye.”
Category: Deals Done
