Other lender and Bank Fallouts and Turn downs
Are you a mortgage broker? Gelt Financial does a lot of lending when other banks and lenders turn the deal down. Mortgage brokers can make money focusing on fallouts.
Gelt has been helping commercial real estate and investment borrowers since 1989. When your bank says NO, we say YES!
“Marcy: Hello, we’re here.
Jack: We’re here, okay. Marcy Berger, Jack Miller at Gelt Financial. We figured out how to use this thing. So, what are we talking about?
Marcy: We’re going to talk about—
Jack: I’m going to interview you, Larry King style.
Marcy: We’re going to talk about fallouts today. Now, you may ask, what is a fallout?
Jack: What is the fallout?
Marcy: Our definition of a fallout is when a deal gets to another lender, and they don’t close it, and then you can come to us, and we will close it for you if we like the collateral and if you have title, and all I have to do is update everything, and I can get your loan close to you seriously within 5 business days. I’ve done it.
Jack: So, commercial mortgage and investment loans, a hundred thousand to three or four million bucks, right, with a minimum property value of at least 250,000.
Jack: That’s correct. So, you can make a living. Let me ask you a question. Can a broker make a living working fallouts?
Marcy: Absolutely.
Jack: I would say a fantastic living.
Marcy: It’s actually, we’re like a rescue plan for that. I mean, we will save the deal for you, and we will get the loan closed. I just had one of my brokers call me this week. She has a deal in Brooklyn. The guy has perfect credit, and the bank is not like something untitled. There’s a lot of citations and different write-ups on the property. You know what? We’ve closed deals like that. We just have title escrow hold it twice the amount of the money that’s, you know, with all the citations, and we close the deal, and you just clear it up within a reasonable amount of time. So, if we can figure it out, we’re going to get it done. We’re going to get it done for you. We can do it.
Jack: So, the bottom line is a broker can make not only a living, it could really be their focus, to focus on deals that other people don’t want to do. A lot of people can’t do or don’t want to do fallouts. You can get fallouts from either other lender, banks, realtors, borrowers, title companies everywhere.
Marcy: Attorneys everywhere. I mean, in a sense, you can use that as your marketing tool for a tip of the day. Say to advertise that you will handle deals that don’t close with other lenders.
Jack: Marcy, I don’t think the average person, broker, or borrower realizes the amount of deals that a lender approves and then drops, doesn’t close them; either they don’t close them because they change the terms. We get a lot of bait and switches. You know someone will promise you a very low rate and then, you know, the night before settlement, they jacked the rate up because you were, you know, 30 days late with the Sears bill in 1962 or something like that.
Marcy: A little dramatic but, yes.
Jack: Yeah. Well, just to prove a point. Just to prove a point. I don’t think anyone has a Sears bill anymore, no.
Marcy: No, I don’t think they’re any—
Jack: But there’s a lot of people who are saying their lenders, quote-unquote lenders, they shop the deal, and if they close it, they close it. If they don’t, they don’t. Bottom line, there’s a tremendous amount of fallout, and you can close a lot of loans doing fallouts. So, think of us with fallouts and turndowns, whether it be bank turndown or lender turn down. Check us out on geltfinancial.com, like the YouTube or video, leave questions and comments, call us at 561-221-0900.
Marcy: Extension 103.
Jack: Extension 103. Most important, have a great day.”
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