Gelt Financial closes a a refinance First Mortgage on a Hospitality Property in Branson, MO.
“Jack: We got a hotel—an extended stay hotel. We just closed in Branson, Missouri. We know the market; we’ve done other deals in Branson. What else, Marcy?
Marcy: It was a really great property. The owner reinvented himself during this crazy time in the world. It was a hotel, and then he brought in the element of doing extended stay. He has people staying there for a week, a month, several months, and he leases it out to them in a short-term lease. The property was cash flowing, and we got it done for him really fast. He came to us because not a lot of banks were doing hotels right now because of what’s going on.
Jack: I think that’s an interesting point. Most people think of us as a hard money lender, people who just can’t go to banks. This guy and the property were a bankable property just because of COVID and the time frame. The bank couldn’t meet his needs, and he had a hard deadline. So, we came in. I think we approved the deal, did the deal, no appraisal. I’m guessing 10 days, something like that.
Marcy: We got it closed within 21 days—21 working days. We got it, and this was even around the holidays, and we still got it done. So, it was great.
Jack: Yeah, so a lot of the deals we do are people who can go to a bank—
Marcy: We have good people coming to us that could go to a bank, but banks couldn’t get it done in a timely manner.
Jack: Yeah, 100%. Banks are not doing deals the way they should be doing, and we’re there to help them. So, that’s the scoop—fast closing. Mortgage broker worked hard on it. Most of our deals came from mortgage brokers. Hospitality and the attraction to us is we had a lot of calls on hospitality. This was low leverage, and this was in a populated area. So, we’re doing hospitality that is good leverage in a populated area. We like those. If it’s in the middle of nowhere and no leverage, no income, and high leverage, those, unfortunately, we can’t do. What else did I miss, Marcy?
Marcy: Everyone was happy. That’s our goal—broker, borrower, everyone was happy.
Jack: That’s right. Remember, when your bank says no, we say yes. Check us out at geltfinancial.com. Call us at 561-221-0900. Have a great day. That’s the most important thing. Thank you.”
Category: Deals Done
Tag: hotel mortgage
