Gelt just provided a experienced real estate investors and repeat borrower of Gelt’s financing on land in Miami, Florida that’s zoned for 9 units.
“Jack: We’re on.
Marcy: Hi, how are you? We’re talking about deals today.
Jack: We’re talking about deals, Marcy. Tell everyone about— we normally don’t do land, but this was in our backyard.
Marcy: It was in Florida, and we also had—this was a repeat borrower and a repeat broker bringing us the deal. So, we are lending on land and taking a second on the property that we already have on the first time, and we’re doing a lot. Literally, we’ve had this within two weeks. I’m getting the loan closed tomorrow, so that was really good.
Jack: Guy bought a piece of land a month or two ago for $500,000.
Marcy: And he’s pulling $250,000 out. Very simple, that’s it, cash out.
Jack: Approved, boom, done. That’s the type of deal we do. Again, we’re trying to get through, make these videos so everyone knows our strike zone. $100,000 to $3 million lent in 42 states, vanilla deals. We’re not doing anything glamorous.
Marcy: Yeah, this morning, Jack, I issued two more term sheets out there, and they were for owner-occupied businesses. And they were in Wisconsin. So, the point is that we lend all over the United States except for a couple of states out west. And we help owner-occupy people that really can’t go to a bank. They don’t show their money that they make on paper, but the properties are good, there’s enough equity in the deal, and those are our type of loans. One was for $250,000, one was for $500,000, and the one for $500,000 is going to have a holdback, and they’re going to be doing some improvements on the property, and we’re going to work through that with them.
Jack: And the one for $500,000, I believe, was a bar club or something.
Marcy: Yeah, it was a club, and the other one was an auto repair shop, so you know, very hard-working people.
Michael: I was gonna say the ice cream shops.
Jack: Ice cream shop, tell them about the ice cream shop.
Michael: Yeah, that’s in Fayetteville, I believe, North Carolina. And she owns already a location where she has all fresh ice creams plus slash convenience store, Dollar Store type, uh, Bodega, if you will. And she’s opening a second location. She’s very famous in that little Fayetteville area. It happens to be a huge military installation there, so this is perfect.
Jack: We love our military.
Michael: It’s a $287,000 purchase and a $182,000 loan amount, close in a week.
Jack: Very boring. Not that many lenders are doing deals for $182,000 and getting excited about them. We get excited about them, right?
Michael: Yeah.
Jack: Okay, remember, like the YouTube, The TikTok, the Instagram, wherever you’re seeing us, check us out at geltfinancial.com, leave your comments. And by the way, 90% of our business comes from mortgage brokers. Almost all of these come from mortgage brokers. Okay, have a great day. Remember, “When your bank says no, we say yes.””
Category: Deals Done
