Gelt is excited to provide first mortgage financing for an local real estate investor in Idaho on a single family dwelling. This was done under as a very limited documentation mortgage and based on the collateral.
“Jack: Okay, Marcy Berger, we’re on. How are you?
Marcy: Hi Jack, I’m good.
Jack: Okay, so we’re closing – actually, it’s closing today – a single-family property in Idaho. Do you remember the city by chance?
Marcy: No.
Jack: It’s a very nice city. I was very impressed. A very nice city, a lot of population. The property’s leased out, and it’s really almost a total no-doc, no appraisal, no income docs.
Marcy: No income, no proof of rent, really. It was straight collateral driven.
Jack: Collateral-driven. Title report, we could have had it done – we approved it within a day and closed very quickly. Very quickly. So, what was the loan amount again?
Marcy: It was $210,000.
Jack: $210,000. So simple deal, no documents, easy close, almost no questions asked, collateral-driven loan.
Marcy: 36 months.
Jack: Oh, 36 months, yes, yes. Yeah, I forgot that.
Marcy: 36-month interest-only loan.
Jack: Yep. So that’s what we focus on. We’re doing deals from $2,500 to, let’s say, $3 million. We don’t have any hard numbers; we can go a little higher, not a little lower. We’re doing the small balance commercial investment loans. A lot of mortgage broker stuff, a lot of deals with stories. We’re gonna make another video on it – a crazy one that we just closed too. They hadn’t paid their mortgage in 10 years, and we’re lending them money. Oh yeah, we must be nuts. No, but it’s a good deal. We’re excited about a lot of weird deals we’re doing. You’re always going to speak to an underwriter and decision-maker. You can speak to Marcy, myself, Michael, Noah. We have a whole group of people here to help you. Call us at 561-221-0900, ext. 103. Check us out at geltfinancial.com. Remember, when your bank says no, we say yes. Oh, I forgot to say in the beginning, like the video, leave your comments, um, and subscribe to the channel. Okay, have a wonderful day, everyone. Take care.”
Category: Deals Done
