Gelt is excited to provide first mortgage financing for an owner of a business who purchased a home for his employee’s to live in. The buyer owned several restaurant business with one of them in Maryland.
“Jack: Hello everyone, this is Jack, and Marcy at Gelt Financial.
Marcy: We’re going to talk about a deal.
Jack: Close an interesting deal, I thought was an interesting deal, you know, across the country employers are having problems finding employees. There happens to be a guy who has, I think I’m going to say, four or five, six restaurants for a while in several states. One of them is in Maryland, and he couldn’t find employees. So what he did was he bought a house—
Marcy: Through us, we did the funding.
Jack: That’s correct, we did the funding. He bought a house for his employees to live in.
Marcy: It was actually a brilliant idea.
Jack: A genius idea, I give the guy a lot of credit, and he’s going to offer them, you know, housing as well as it. He went to several banks, they couldn’t do it. He went to mortgage companies, they couldn’t do it. Again, he’s in the restaurant business, he’s had some dings, and obviously, income wasn’t what it should have been because of COVID. We did the deal, no appraisal. I think we approved the deal literally the same day.
Marcy: We actually got the deal closed within 10 working days. I mean, they came to us, we just took their paperwork, we, you know, did a walkthrough of the building of the house. We worked with the title agent, with the broker, with the borrower, got all the paper needed, got it closed. It was done within, I think, three weeks at the most.
Jack: Yeah, we were ready to close quicker. There was a little holdup on the seller. Another case, the bank says no, we said yes. By the way, when she said we did all the work, she really did. She did all the work. I didn’t do anything. I came over and bugged her once a day.
Marcy: It’s all right, we work together as a team.
Jack: Good person, self-employed, income work wasn’t really verifiable, credit had a little dings, had several businesses buying the property for a house. And by the way, another important thing, Marcy, there was no lease. A lot of lenders only do happen, but we still did it. You know what, it’s boring, it’s our bread-and-butter deal, but this is what we do all day long. We loved it. We funded two deals yesterday, similar single-family properties. We funded one today, single-family investors. This is what we do. Remember when your bank says no, we say yes. Call us at 561-221-0900, ext.103. Oh, like the YouTube, don’t forget, like the YouTube, hit the bell or the buzzer so you’re notified when we post more. Like the channel, leave comments, check us out at geltfinancial.com, and that’s it. Most important, have a fantastic day. Take care.”
Category: Deals Done
