Jack and Marcy answer the question if Gelt Financial raising their interest rates?
“Marcy: Hi Jack.
Jack: Marcy Berger, good to be with you.
Marcy: Good to see you.
Jack: Okay, so I wanted to make this video because we’re in a climate, we’re making this the 13th of April, and rates all in—obviously there’s a big marketplace, inflation, interest rates, and the question is a lot of deals now are being re-traded. In the last couple of days, we must have gotten five or six requests. Deals are getting to the table with other lenders, and they’re changing the term or they’re not doing them, you know, and they’re changing the terms, and it’s all interest rate based. So, really, we wanted to communicate to anyone following these brokers, borrowers, that our rates are not going up. Our rates are staying the same. We don’t sell our loans on the secondary market; we’re all private capital.
Marcy: We service them; we close them through Gelt. We keep them. Your borrower stays with us until they pay off.
Jack: That’s correct. So, we’re not raising our rates. In fact, what we’re seeing, and I predict a trend, there’s going to be a tremendous amount of re-trading.
Marcy: Which, in a sense, makes no sense why these other lenders do that, but they are doing it.
Jack: Let’s make a video on re-trading after this because a lot of people don’t know what re-trading means, but there’s going to be a lot of re-trading. But the bottom line is we’re not raising our rates. We’re aggressively looking for deals. We have a lot of capital; we’ve actually got a ton of payoffs, which is a full cycle, it’s good, and we’re looking for deals. Remember, no income verification, asset-based loans, no seasoning, up to 100% LTV with additional collateral if you buy it below the market or for sellers second. What else?
Marcy: We’ll do small rehab loans. You know, we’ll lend 65% of the purchase price; we’ll lend you 100% of the rehab money, hold it back and disperse it out in draws as the work is done. So that’s, you know, we keep everything in-house, so you just deal with myself and Jack the whole time.
Jack: Anyway, we’re not raising our rates. Like our YouTube, leave your comments, leave your questions, and we’ll go from there. Thank you. Remember when your bank says no, we say yes. Check us out at Gelt Financial.”
Category: About Us
Tag: interest rates
