Gelt Financial closes a purchase of a Gas station/ C store in Ohio.
“Jack: This is Jack, and Marcy, new socially distanced closing, a gas station in Ohio—Steubenville. I’ve actually been there; it’s not too far from Pittsburgh, it’s closer to Pennsylvania in Ohio.
Marcy: And this was one of our borrowers living—
Jack: Oh, can I back up? It wasn’t just a gas station; it was a gas station c-store.
Marcy: Yes, it had a convenience store. It was actually a really nice property, and this was a family of a brother, a sister, a father; they all bought it together. This came directly from the borrower. There was actually no broker involved in this deal, and we were able to help them out. They’re living their dream now; they own a business.
Jack: Close the deal very fast. We did some financing; the seller held a second. They came in with some financing, and Marcy said entrepreneurship in America is strong, very strong.
Marcy: Yes, it is very much so. And everyone was happy. We got the deal done. It was like a three-way mail away. We were able to coordinate everything to get everyone to sign, get it dispersed, and on to the next deal.
Jack: A good amount of the businesses we do, we don’t really talk about it that much, are owner-occupied businesses. We have another one in Florida closing—I don’t know, Friday or Monday—that they have a fabric store, but they use the business, the real estate for themselves, for their business. We don’t talk about that. We should talk about it.
Marcy: We could because it’s definitely interesting because we help people out. I mean, especially when it’s owned by them and they don’t necessarily keep the best records or the best tax returns. We help them out because we qualify them on the collateral.
Jack: Remember when your bank says no, we say yes. Check us out at geltfinancial.com. Call Marcy at 561-221-0900. Like the YouTube, like the video, leave comments, the whole thing. Okay, take care, have a great day.”
Category: Deals Done
