Jack and Marcy update you on what’s going on and what types of deals we are doing during this crisis.
Gelt has been helping commercial real estate and investment borrowers since 1989. When your bank says NO, we say YES!
“Jack: Hello, this is Jack, and Marcy at Gelt Financial. We wanted to send you this video. Anyway, we’re doing a little social distancing. We’re here. We’re open for business. We’re closing deals. We know it’s very stressful for everyone. We wanted to wish you the best. Marcy, you’re working hard.
Marcy: Yeah, we’re looking at a lot of new brokers, you know, through the phone and, you know, some Zoom conferencing. We’re trying to educate people. It’s a great—we really feel there’s a lot of opportunities out there for, you know, mortgage brokers to reach out to different properties. I know that this virus has created a completely different business atmosphere, but we’re still doing deals. We’re looking at everything. We have been coming up with creative financing. We have a lot of blanket deals, believe it or not. People that own several properties, you know, they’re looking to get some cash out, and we’re doing it. You know, we’re typically 65% loan to value, but, you know, we even do some 50 loan to value, just depends.
Jack: Marcy, a couple of things. First of all, I think there’s a great opportunity. Whenever there’s market gyrations, people can buy things cheap, and there’s a fantastic opportunity. So, Marcy’s right. We are 65% leverage, but we have a different meaning of that than other people. So, I’ll give you a perfect example that I think you just sent the term sheet on—guy is buying a property. I don’t want to say what city, but a big city in the country. The guy owns, I don’t know, four or five or six other properties. He’s paying 150,000 for this property, Marcy, something like that. We’re giving him a blanket, taking a couple of his other properties, giving him effectively 100% financing.
Marcy: Right. All he has to do is closing with his closing costs.
Jack: Yes. So when we say 65%, that’s the leverage we want to be in. So this guy, you could look at it and say, “Oh, it’s 65%,” or you can look at it and he’s saying he’s 100%. And that happens a lot to us with leverage, and we win a lot of deals that way. We’re not selling our deals on the secondary market. We’re keeping them. You’re going to keep paying the same group of people the same four walls. Hopefully, God willing, there’ll be more people in the office then.
Marcy: We’re doing the best we can, right?
Jack: That’s right. What else? One other reason. Okay, another deal we just—we’re approving. We’re doing a lot of small loan amounts. We just approved, again, I don’t want to say the city, but it’s a shore area. A lady owned, what, nine condos with a partner, and they’re buying out the partner. She needed, I think, a hundred or 120 grand. We’re doing it. By the way, the deal that I told you about before with a blanket, no appraisal. The deal on the shore area, no appraisal. So we’re very flexible. I don’t want you to think we’re only doing a hundred thousand dollar deals. Believe me, we want them bigger, but we’ll take whatever we can get. We’re really trying to help mortgage brokers because we know there’s a lot of suffering out there. We’re trying to be very, very flexible but trying to be speedy. We recognize a lot of our competitors have shut down. We’ll see if they open or not. We haven’t. We’re still lending money. What else did I miss, Marcy?
Marcy: Nothing. I mean, the bottom line is that we’re here to talk to you. Send us emails, and, you know, we’re taking—we really have been taking a lot of time out to explain things to brokers and teach them and, you know, speaking to different borrowers, educating them, and just really trying to be helpful. I mean, that’s really what we’re really reaching out to right now is to be helpful during this crazy time.
Jack: Okay, remember when your bank says no, we say yes. Like the video, like the YouTube channel, hit the button so you can get notified. Call Marcy anytime 561-221-0900, extension 103 or 238. We love you, and most important, stay safe. We know these are very, very stressful times for everyone. We all have to handle them the best way they can. Take care. God bless you.”
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