Gelt closes non bank commercial mortgage on an 80,000 sq. ft. office building in Toledo, Ohio, for a highly sophisticated real estate investor:
“Marcy: Hi, Jack!
Jack: Hey, Marcy. We’re live on… well, no, we’re not live. They do have YouTube, YouTube Live, but we don’t do it. But we’re recording for YouTube. Uh, a deal we just closed on Friday in Toledo, Ohio. We do a lot of business in Ohio. It was an office building, a fairly sizable, but I think like, what, 70,000 square feet, 50 tenants. The borrower lived out of state. Hardworking guy, great real estate investor, super sharp, super sophisticated. He came to us because frankly he needed to close quick, and banks are taking forever right now. They’re taking—
Marcy: We did this without an appraisal.
Jack: No appraisal, no appraisal, boom. And really no income docs on him.
Marcy: Nope, it’s all about the collateral.
Jack: Yeah, most of—almost all of our deals are…
Marcy: About the collateral.
Jack: About the collateral. Borrowers thankful, everyone was thankful. The person who sent it to us was thankful…
Marcy: And he got the job. I mean, he got what he wanted. He saw this great piece of real estate. He loved it, he bought it. We executed all the documents, got everything done, and the loan closed within, I think it was like, by the time we got everything done through all the report, it was like within 10 business days.
Jack: Very quick, very quick.
Marcy: Really quick, really quick.
Jack: This one over here did all the work. I didn’t do anything.
Marcy: Yeah, he does all the work.
Jack: No, no, no, she does the work. She does the work. Anyway, our loan amount was a nice loan amount, $1,680,000, I think something like that. So, remember, we’re doing investment properties. What are we doing here, Marcy? We’re doing investment properties.
Marcy: Investment, shopping centers.
Jack and Marcy: Business owners.
Jack: Owners, retail. We love retail. We love office hotels, multi-family.
Marcy: Mobile home parks if it’s not too rural.
Jack: Yep, we don’t do land. We don’t do construction. We just don’t know anything about it. We don’t do rural.
Marcy: We don’t do too specialize, nothing too specialize.
Jack: Yeah, nothing specialized. Can’t do bowling alleys and things like that…
Marcy: Or RV parks. Like those are—it’s too hard.
Jack: Property amounts $250 or more. Um, what else? Oh, remember, you’re always going to speak to a decision maker with us.
Marcy: We’re a direct lender.
Jack: Direct portfolio lender. You’re always going to speak to us.
Marcy: And we service all our own loans too, so your borrower stays with us until they pay off.
Jack: Check us out at geltfinancial.com. Call us at 561-221-0900, extension 103. Like our YouTube channel. Leave your comments. People leave comments all the time. Oh, you know what? A great—someone asked a great comment, and we have to make a video.
Marcy: Let’s talk about the question.
Jack: It’s too long of a topic, but we’ll do it maybe tomorrow. I don’t have time today. What’s the difference between a residential broker and a commercial broker, and can a residential broker do commercial and do commercial brokerage? So, I think that’s a good topic we’re going to talk about. Anyway, I didn’t need to say that on this thing, but that’s what we do. Take care, have a great day. That’s the most important thing. Enjoy your day.”
Category: Deals Done
Tag: office building
