Jack and Marcy talk about a 50k first mortgage Gelt Financial just closed on a Multi family property,
There is almost no where for borrowers who want to borrower small amount can go, if their bank wont lend them money. Gelt has been focusing on non bank private lending.
“Jack: Marcy Berger, how are you today?
Marcy: I’m good. How are you today, Jack?
Jack: I’m really excited. You know why I’m excited, Marcy? We just closed on Friday a $50,000 deal. Now, I know why would I be excited over a $50,000 deal. It’s tiny.
Marcy: It’s because not many people will do that.
Jack: That’s exactly right. You know why? Because I think we’re almost the only non-bank lender. If you can go to a bank, you’re going to go to a bank. But I think we’re almost—one of the few non-bank lenders who will do deals as low as $50,000. This was, I think, like a 5- or 6-unit property in Vermont. I should know this information.
Marcy: They’re not Vermont.
Jack: Where the heck was it? Connecticut?
Marcy: Yeah, I think it was Connecticut. It wasn’t in Florida—
Jack: Okay, one of the original 13. It was one of the original 13 colonies, now a state, definitely one of the 50. We may be a little don’t have our facts 100% right, but you get the point.
Marcy: But we have our number facts right.
Jack: $50,000 deal. You know, in all seriousness, and I’m being very serious, I wanted to make this video. We’ve closed a bunch of deals recently, but we haven’t made videos on. We will one day. But you know what? This guy owned this property. It was unencumbered. I think he bought it off at least purchased in installment sale land contract. He’s owned it for a while, and he needed some cash. And the truth is there’s almost no one who will do these deals below $100,000-$150,000, and we’ll do $50,000 deals all day long. Now, we have to be first mortgages. The properties have to be worth $150,000 or more. By the way, on this one, we got it from a mortgage broker. What else about the deal?
Marcy: Nothing. It was—no appraisal, very streamlined, you know. Got it done. Got all the documents done. It was remote. All done. And the guy’s walking out with the net proceeds, and he’s really happy because he’s going to take the money, and he’s going to invest it and buy another property and continue with his journey in owning real estate.
Jack: So for small deals, think of us. Check us out at geltfinancial.com. Call us at 561-221-0900. Remember, when your bank says no, we say yes. And I think, again, there’s a big market for people who need to borrow a little or want to borrow a little bit of money, own properties valued at $150,000 or more, and we could do the deals. We could do in five years, 10 years. We don’t have to have balloons. We’re very flexible on the terms.
Marcy: We’ll tailor the deal to what the borrower needs.
Jack: Yeah. Another interesting story, Marcy, this is totally unrelated, but I happened to speak to a broker yesterday who was called for a payoff on one of our deals, and he thought, and he goes, “Oh, they’re paying it off. It’s someone, believe it or not, with not a good rate, and nothing was good.” I said, “Why didn’t you bring it to us?” Because, oh, I didn’t know you did that. So a lot of times, people see what we put out on the website and this and that. They think that’s—and the truth is, nothing is here.
Marcy: No, because we’ll tailor the deal to meet needs. So it doesn’t hurt to ask. If they don’t ask, they don’t know.
Jack: We have to do a better job in our marketing, which is me. It’s my mistake. Anyway, have a great day. Take care. Oh, don’t forget to like the YouTube channel and the YouTube. Leave your comments. You’ll get more of them. Take care.”
Category: Deals Done
