Residential Investment Non QM mortgages, no appraisals
Gelt Financial provides non QM mortgages on residential investment properties. Hear more from Jack and Michael on how to get started. When your bank says NO, we say YES!
“Jack: Michael, we’re on. We want to tell everyone Gelt is doing, and really is always done. We’re in an alternative, and we’re doing non-QM mortgages. So, we’re doing non-agency loans for real estate investment properties.
Michael: Yes, basically a single-family investment property, right?
Jack: That’s correct.
Michael: Single-family homes investment property—
Jack: I think like 36-37 states?
Michael: Yup, 38.
Jack: 38, a good number. Up to 70 LTVs, rates starting at 11%. Uh, will go up—
Michael: Quick closing.
Jack: Quick closing.
Jack and Michael: No appraisal.
Jack: We both thought of that together, no appraisal. Uh, no minimum credit score.
Michael: It goes for foreclosure bailout, right? We can still do it there.
Jack: 100%.
Michael: Bankruptcy Exit. You cannot live there; you cannot lease it to yourself, nothing crazy like that. But single-family investment properties $250,000 value and greater.
Jack: That’s correct. A $100,000 mortgage or more, we’ll do an interest-only deal with up to a five-year balloon. Not the cheapest in the world, but I know the secondary market shut down. So, we’re a good alternative for residential investment properties. It also could be a mixed-use property or have some commercial.
Michael: Yeah, some people think it has to be one to four units to be commercial. I get called a lot asking, “Well, oh, my loan’s not commercial; it’s a single-family home.” But as long as its non-owner occupied, that’s commercial to us.
Jack: That’s right.
Michael: That’s investment property.
Jack: Check us out at geltfinancial.com, like wherever you’re seeing this, and if you have any questions, leave them or call us at 561-221-0900.
Michael: And if they want to do a Zoom video or something, we’d be happy to do something like that with their office. My extension is 110.
Jack: 110. Have a great day; take care.”
Category: Loan Programs
