The video discusses how a small loan payoff of $65,000 made to an ethnic family who owned a bodega in Atlantic City. Despite not making much profit on the deal, Gelt is thrilled because it represents their mission of helping people achieve the American dream. It featured the challenges faced by the small borrowers in obtaining financing:
Hi, I have a private lender story for you. We were approached by a gentleman who owns a restaurant, who was struggling to attract and retain employees like so many other people around. What did he do? He wanted to buy a house within a block or two of his restaurant, to house his employees – a lot of them were single. And he thought if he provided them with housing, he would easily attract them and retain them. It happens to be a ethnic restaurant.
This gentleman really barely speaks English, has no credit, no documentation in order. He couldn’t go to a bank. Every bank turned him down. Gelt Financial was thrilled to provide him with financing. We love working with people like him. Not only does he pay us on time, he sends in an extra five thousand dollars every month to pay down his loan. He’s a perfect borrower for us. We love him at Gelt Financial, and I know he’s appreciative of the financing we provided with him.
This is a classic lender story and really, I think what makes America great: hard-working entrepreneurs look to problem— problem solve. Unfortunately, he had problems getting bank financing, but we provided him the financing he needs. It was a win-win all the time, just one of many home run win-win private stories that we hear about every day at Gelt Financial. Take care and have a great day.
Category: Deals Done
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