First Mortgage in Lake Worth, Florida 5 unit Rehab Mortgage for Professional CRE Investor

Gelt Financial provided a Professional real estate Investors a first mortgage to payoff their existing debt and fix up a 5 unit property in Lake Worth Florida.

“Jack: I love working with Real Estate Investors and business owners because I really feel like I’m a self-employed business owner. I’m an investor. I feel associated with them. So, tell everyone about the deal that we were talking about.
Marcy: Sure, we were talking. We could have even been talking online. I’m not even sure, but we did a deal in Florida, another deal in Florida, which is unique to us. Anyway, so it was a five-unit, and it needed—the gentleman came to us as a real estate investment. His current lender needed to be paid off of this ballooning, and then he also needed some money from us for rehab work because there was some damage to the roof and a little bit to the structure. It had to all be reinforced. It had to be lifted up, and then the roof had to be reinforced. So, he came to us for those funds, and no one would do it. No one would do it.
Jack: Real estate investor happened to be another deal in Florida, Lake Worth, Florida. Good guy, again, salt of the earth, good guy. Couldn’t go to a bank, couldn’t go to other people, and we’re seeing a lot, a ton of our deals have lenders that when they have the balloons, they’re calling. They want the money.
Marcy: They’re not renewing. They’re not extending.
Jack: By the way, we, as a sidebar, Marcy spends a lot of our days—
Marcy: We extend. We extend our loan.
Jack: Yeah, we want our borrowers to keep paying us. It’s crazy, you know, but it’s the way we’re funded, so it’s a whole nother story. But yeah, so this guy, it was a rehab deal, South Florida, really—
Marcy: And the reason why no one would do the loan is that there was damage to the property. So, since there’s damage to the property, no commercial lender would do the loan, but we were able to handle the deal where we put the money aside. Anyway, so we were able to get it done for him, and meanwhile, he’s halfway through the rehab, and then he’s going to be able to rent out the two units that needed the work, and he’s going to have a full rent roll.
Jack: Did he come from a mortgage broker?
Marcy: Yes, he did. No appraisal.
Jack: No appraisal, got the loan quick, and we solved the guy’s need. The guy couldn’t go elsewhere. It’s what happens a lot. Look, if you can go elsewhere and get financing in a bank, go for it.
Marcy: That’s a great thing. We understand that.
Jack: You know what’s amazing? Banks today and the SBA, and someone told me the SBA is like 9% to 12%, 9% to 10% or 11%, so we’re not that much more expensive than a lot of people. So, check us out on YouTube or Tick Tock or Instagram. Like the video, follow us. Remember when your bank says no, we say yes. What else? Oh, go to geltfinancial.com. We love working with mortgage brokers. Or call us at 561-221-0900, extension 238. Remember, a rehab, quick close, no appraisals. Who’s doing deals with no appraisals? We do our evaluations. Very few do it. We’re closing deals quick. Take care. Have a great day. Take care.”