Gelt Closed a first mortgage on a single family investment property.
“Jack: Hi, this is Jack, and this is Marcy. We’re social distancing at Gelt Financial. I hope everyone is having a great day. Anyway, we wanted to tell you about a loan that we just closed yesterday or the day before. I forget, Marcy.
Marcy: The day before.
Jack: In Darien, Illinois, it was a single-family dwelling. A lot of people think we don’t do single—a single-family dwelling. Darien, Illinois, bread and butter, nothing exciting. A guy was buying a home. I forget what he was paying for, but we lent him, what was it like?
Marcy: Yeah, he paid a little balloon market, in need of a little renovation, and he bought it for an investment property.
Jack: It was leased out. Our loan was, I think, $178,000, $187,000. There were; eights and sevens in the number and a hundred, but we’re doing those loans. A lot of people think we only do complicated commercial deals, which we do, but we also do bread-and-butter single-family homes. And I think, Marcy, this was a really no-income. He didn’t have any income beside the rental property.
Marcy: No, he was completely retired, correct.
Jack: Yeah, that’s a good point. We focused on the income of the rental property. We look at the borrower’s income, but we’re really 99% focused on the income of the rental property.
Marcy: Yeah, and the collateral. And we don’t look at credit score. So, you know, this guy actually had good credit, though, so it worked out.
Jack: Remember when your bank says no, we say yes. Okay, remember single-family homes. We’re financing approvals within the same day. Oh, by the way, on this one, we did an appraisal, but a lot of the deals, we don’t do appraisals.
Marcy: Yeah, we’re not doing appraisals, and we’re also adapting to the Coronavirus. Like, even though we did an appraisal, the appraiser did not go into the property, so we’re adapting to the situation with every loan we are doing because of the virus.
Jack: But we’re doing plenty of deals without an appraisal if we can get an idea of the value. Remember, like our video, like the YouTube channel, when your bank says no, we say yes. Check us out at geltfinancial.com. You can call Marcy at 561-221-0900, extension 103. We’re missing you guys, and we’ll try to make more of these. Have a great day. Stay safe.”
Category: Deals Done
