First Mortgage Financing on Owner Occupied Restaurant in Illinois

First Mortgage Commercial Mortgages on an owner occupied restaurant in Illinois. No income verification.

“Video Title: First Mortgage Financing on Owner Occupied Restaurant in Illinois
Speaker: Jack Miller and Marcy Berger
Transcript:
Marcy: Hi, Jack.
Jack: Hey, Marcy, why don’t you tell everyone about the deal we just closed? One of the deals closed, a bunch of them, but tell everyone about one.
Marcy: Sure, we just closed a deal. It was a restaurant in Naperville, Illinois, which was owner-occupied and was not income verification. We consolidated all his debt for him and gave him a loan, and he was very, very happy. No one would do the deal because it was an older couple, an older gentleman, and they did not keep any records of anything. So it was straight non-verification, and we were able to get it done for him really, really fast. And he did try to go to other lenders, and they wouldn’t. They wouldn’t do it, so he actually shopped this for, I think, almost two months.
Jack: So we issued him a term sheet, and then they came back, they couldn’t get it done. We’re laughing, but that really happens a lot.
Marcy: People think they can get, you know, I hate to say a better deal because it’s not like we’re not offering bad deals. We’re just offering deals that are appropriate for the situation, and sometimes borrowers don’t want to really accept their situation.
Jack: That’s okay. You should shop around, get a good deal. Why not? So the bottom line is a restaurant in Illinois. A lot of people aren’t doing restaurants. A lot of people aren’t doing in Illinois. Let’s be candid with it, okay.
Marcy: It’s a tough state to get a loan in.
Jack: Brutal. And it was very limited documentation, no income verification, very little documentation, no appraisal. So people would say we’re crazy. We’re doing Illinois. We’re doing a restaurant. We’re doing limited documentation. We’re doing no appraisals. Bottom line, we closed the deal. We could be crazy. Maybe we are.
Marcy: No, they’re gonna do well. I know they are.
Jack: It came from a mortgage broker?
Marcy: Actually, no. It was actually a borrower that came directly to us.
Jack: Okay, that’s what we’re doing. We do these deals every day, and the loan amount was, I think, $450,000. Yeah, we focus on deals under 5 million. The average deal was about $470,000, $480,000 throughout this company. Remember, like the TikTok, like the YouTube, Instagram, subscribe to us, leave questions, we’ll answer them. Remember when your bank says no, we say yes. We love working with mortgage brokers, real estate investors, and business owners. This is a perfect one. You know the truth is the banks let people down, and people can’t get financing in the bank; they’re coming to us, tons of them, tons of them every day. It’s a different story. Check us out at geltfinancial.com and take care, have a great day.”