Small Business Owner Occupied First Mortgage, provided by Gelt Financial.
“Marcy: Hey Jack.
Jack: Okay Marcy, so anyway, owner-occupied business, tell everyone about it. You know the details of this?
Marcy: We just did a deal in Rock Point, Michigan, and it was an owner-occupied business. Which, it was like, we love these deals. It was someone that started their business. They bought the property. They put a lot of money into making it into what they needed it to be for their business, and then they came to us for a loan. They needed cash out because they had invested a lot of their own money into it, and we were able to do that for them and give them, you know, more working capital for their business and to make a successful story. That’s what we’re here for. They couldn’t go to a bank because they’re a new business and they didn’t have two years, you know, documented income, and you know we were able to do the loan for them, and again, so fast we ordered title because we waived the appraisal—
Jack: And it was just, I mean, I don’t want to say small.
Marcy: It was a small loan.
Jack: Yeah, 125,000 or 150,000.
Marcy: Yeah, it was a small loan, and that’s another thing. There are not a lot of commercial lenders out there that will do these small deals, and we do that.
Jack: We love small deals. This was 125,000 or 150,000.
Marcy: We do have a minimum property value of at least 250,000 to start. This property was worth at least 400,000, so I was—
Jack: Did this deal come from a broker?
Marcy: This came from a broker, and a repeat business. I’ve done several deals with this broker, and you know what the situation is right now. There’s not a lot of lenders, and we’re— we have money to lend, so you know, give us a call. We’re looking at everything.
Jack: You know what? Let’s make another video on how we don’t sell our loans, and that’s why we have capital to lend.
Marcy: Okay.
Jack: Okay, so this deal, owner-occupied commercial property, Michigan, came through a broker. I’m assuming no income verification?
Marcy: No income verification.
Jack: 125,000 or 150,000 approved it, closed it quick. Boom, boom, boom. Nothing exciting, nothing sexy, but that’s what we do here. Oh, remember, check us out on YouTube. Oh, like our YouTube. I always forget that. Like our YouTubes. Check us out at geltfinancial.com. Remember, When your bank says no, we say yes. Take care and have a good day. Bye.”
Category: Deals Done
