Jack Miller and Marcy talk about a fast closing on a mixed use property in New Jersey that a residential mortgage broker brought to us when no one else could close it.
“Marcy: Morning.
Jack: Marcy Berger, it’s good to see you.
Marcy: Good to see you, Jack.
Jack: Marcy, why don’t you tell everyone about the deal we just closed? I forget when, the other day.
Marcy: Yes, it was, um, a property in New Jersey. It was—
Jack: Can I cut? I’m sorry, North Jersey. Big difference if you’re Jersey—I’m almost a Jersey guy, so it’s a big difference.
Marcy: I don’t know. Anyway, it was a mixed-use property. There was a retail business on the first floor, actually, a daycare, and an apartment on the second floor. It was brought to us from a broker that was actually a residential broker, and it was his first commercial deal that he brought to us. And it got to us because it’s mixed-use, and a lot of lenders have like a square footage rule, which, like, the apartment has to be a certain amount of square footage before they’ll even consider mixed use. So, we do tons of mixed-use properties here because not a lot of lenders will do them. And the best part was we got it closed within 10 business days, and it was all cash out, and the borrower was thrilled.
Jack: And it was—well, I don’t want to say small loan, small relative, I think.
Marcy: Well, yeah, I mean it was $100,000. I always say $100,000-$300,000. I know like—
Jack: Yeah, but I think this one was what, $135,000?
Marcy: Yeah, it was $135,000.
Jack: $135,000. A lot of lenders don’t want to touch those deals, but we love them. Borrower’s credit was just— I mean, not bad, not good. It was average.
Marcy: It was average, you know. Yes, he could have gone for traditional financing, but he couldn’t because no one would do the mixed-use property.
Jack: The bottom line, we got it closed in 10 days, across the finish line. Check us out at geltfinancial.com. Like the TikTok, like the YouTube. Remember “When your bank says no, we say yes”. Oh, subscribe to the channel so you’ll see more of these. Call Marcy at 561-221-0900.
Marcy: 103.
Jack: 103. Of course, have a great day, okay.”
Category: Deals Done
Tag: mixed-use
