Marcy and Jack talk about why mortgage brokers, commercial real estate investors, and business owners come to Gelt, first, they go off the rails. This is a blooper Video.
“Marcy: Hi.
Jack: Hey, Marcy Berger and Jack Miller here from Gelt Financial.
Marcy: Well, let’s tell everyone why people come to us, of course, for our personalities, but besides that.
Jack: I’m thinking of all this other crazy stuff now in my head. You’ve got me so off-track, okay.
Marcy: Well, know they bring their loans to us because we are super fast. We are fast; we get things done. We’re—
Jack: Okay, so let’s get back on track. Maybe we can salvage this.
Marcy: Okay, we’re back on track. We’re on the road. Let’s go.
Jack: Marcy, why don’t you tell everyone why mortgage brokers and borrowers come to us?
Marcy: They come to us because we’re very efficient. We get the job done. If I say that I can get your loan close, I get it close, and work super fast. Well, if you bring us a deal, we look at it. We tell you if we’re interested, not interested. If we’re interested, we’re—
Jack: Usually on the very first call.
Marcy: Within the first call, if we’re interested in a work, we’re going to offer a term sheet. We’re going to move along from there. Go ahead, yes.
Jack: People come to us. People come to us, 50%, coincidentally, it works out 50/50. It really does. You’re over here. 50% of the people come to us can go to a bank. They’re qualified to go to a bank; they just don’t have the time to go to a bank. Remember commercial and investment real estate. So, they come to us. The whole team is trained. We could usually say yes or no on the very first call. If it’s a no, you may not like it, but that’s life. But if we say yes, we’ll issue a term sheet usually within—usually we’ll quote terms on the very first call. We’ll issue a term sheet within an hour. We’ll send it to you; we’ll get the deal closed. If you have a title, sometimes within days, usually, the hold-up is with the title, and a lot of stuff.
Marcy: Yes, it’s been taken. The title work has been taking a little time. But if you come to me with a deal that got to another lender and it just fell out for some reason, you bring me a full package, I can get that deal closed within literally three business days sometimes.
Jack: And the other 50% of the people who come to us, they can’t go to a bank. The reality is our banking system has shut out a lot of good, hard, honest working people, business people, investors, and we’re a source of capital. They’re taking our capital and they’re making money with it. They’re arbitraging our capital. So, you’re right, we’re probably– who knows what the rates are today. I don’t know. I used to say we’re twice as much as a bank. I don’t know today, yeah, but we’re more expensive than a bank. But they’re making money with our capital, and they are incredibly grateful, aren’t they? You speak to…
Marcy: Oh yeah, they’re like I’ve become friends with everyone, they’re all my friends, and, you know, you stay with us until you pay off your loan, which is also awesome because you can always discuss anything that comes up with us, and we’ll work with you, and it’s just that it’s a really great relationship.
Jack: Well, it’s a family group. We have about 12-13 people here. We’re growing; we’re going to hire more people. We just moved into a new office. You know, Michael actually said we should do a tour of the office. I think we should do that, but anyway, so that’s why people come to us. Anyway, what else do we leave off?
Marcy: I think that’s good.
Jack: We have Capital—
Marcy: The bottom word here is time. We can do things fast.
Jack and Marcy: Speed.
Jack: Today, Banks and other lenders are shutting down. They’re not lending, or if they’re not officially shutting down, we hear every day that they’re not lending. They’re stalling underwriting. They’re doing, leaving people hanging—
Marcy: Hanging, actually hanging, like they’re not closing the deal.
Jack: Michael came to me so passionate yesterday and today about some guy who’s going to lose so much money unless we close the deal. And it came to us for surety of closing because even though these billion-dollar Banks saying they’re going to do this, when the economy turns, they get scared. This is when people come to us because we have the capital to lend out.
Marcy: And we’re here to help you.
Jack: Check us out at geltfinancial.com, call us at 561-221-0900. Leave us your comments, like the video wherever you’re seeing it. If the comments are negative, to me, please address them to mberger@gelfinancial.com.
Marcy: All right, I got your back Jack.
Jack: Thank you, Marcy, Have a great day.”
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