Jack Miller and Marcy talk about a Mezzanine loan that just closed on a new state home in the North Shore of Long Island for a real estate investor. Mortgage broker brought us the deal and it was closed without an appraisal.
“Marcy: Hey Jack!
Jack: Hey Marcy Berger, how are you today?
Marcy: Oh, good. It’s Friday.
Jack: Any plans for the weekend?
Marcy: Yeah, lots of plans: music, beach, if it doesn’t rain, um, let’s see, dinners. Oh, football game, Dolphins versus Patriots on Sunday.
Jack: I’m excited, sounds like fun. Sounds like a good weekend, so I’m looking forward to it. Anyway, I’m not gonna be with you, but I’m looking forward to it.
Marcy: Don’t start rumors.
Jack: Hopefully, your husband’s looking forward to it. Anyway, anyway, uh, closed a deal, wanting to tell everyone a little bit about it.
Marcy: Sure, we closed, um, a mezz deal, a second mortgage on a property in the North Shore at New York.
Jack: Can I just clarify?
Marcy: Oh, sure, you can pop in.
Jack: It’s not exactly a second.
Marcy: No, it’s not. It, well, kinda.
Jack: Well, the first made had what, two or three loans… It’s a mezz deal.
Marcy: Okay.
Jack: But technically, we’re in, I think, third.
Marcy: Third or fourth.
Jack: Yes, position. So, I want to get that out because it’s very unusual.
Marcy: It’s true, but when you add it all together, it still made sense.
Jack: Yes, made sense for us. Okay, keep going.
Marcy: So, and, um, we got—you know, we, there were a couple of, like, obstacles in the beginning, but we kinda all went through it and got to a point where we got the loan done for the borrower. And, um, you know, we did it fairly fast once we all settled on what we were going to do.
Jack: What kind of property was it?
Marcy: It was a beautiful estate-type of home, um, gorgeous actually, like out in the winery area in North Shore, and it’s just—it’s gorgeous. And we’re very excited for the borrower…
Jack: So, it’s New York, it’s a mezz. It came from a mortgage broker. It’s a new beautiful state. We lent $500,000. Borrower’s a very sophisticated guy, owns a lot of stuff, multi-family developer and stuff like that, right? And we do…
Marcy: Yeah, and we’re really excited to see what happens with the property because we’re bridging this loan for him, and you know what? We wish him lots of success, and I think that this will help him get there.
Jack: We love deals like this. Remember, if you have a deal like this, give us a call at 561-2… what’s my number, 561-221-0900. I’m still thinking about this weekend.
Marcy: Extension 238, and my extension is 103. Oh no, but don’t call him, call me.
Jack: Yeah, yeah. Um, check us out at geltfinancial.com, um, and like wherever you’re seeing this, I don’t know where it is.
Marcy: And we want everyone to have a great weekend.
Jack: Have a great weekend and think of us when you’re doing deals. Think of us. You know, this borrower is a very sophisticated borrower. He has fantastic banking relationships in the tens of millions of dollars, but he needed five hundred thousand dollars quick, and we provided the capital for him, and—
Marcy: And with very creative financing, actually.
Jack: Very creative financing. When his banks wouldn’t do it, remember when your bank says no, we say yes. Have a fantastic day.”
Category: Deals Done
Tag: New York
