Why use a private lender? When to use a Private lender?
“Marcy: Hi! Mortgage tip of the day!
Jack: Mortgage tip of the day! Jack and Marcy at Gelt Financial. First, like our video whether you’re seeing this on YouTube or TikTok. Like the channel, leave your comments, leave your whatever…
Marcy: We’ll answer everything.
Jack: We’ll answer. If you don’t like us, you can leave that too. So, you know, people always say; What’s the difference between coming to Gelt? We’re a non-bank lender. And going to a bank. I’ll tell you; a bank is a lot cheaper. They’re probably a third of the cost of us, but it takes a long time. They’re going to drive you crazy with documents.
Marcy: With details and conditions. And then you need this, and you give them this, and then they want that and yeah.
Jack: There are committees. We actually, behind the scenes, we do mezz lending with banks, and we know what it’s like to work with banks. They’ll drive you crazy.
Marcy: We come in a second, and then we’re ready and they’re not ready.
Jack: We’re a viable alternative. If you’re making money with the property, you take a loan with us, you’re right. You’re going to pay a lot more than a bank, but you have to look at it. It gets you in the door. You own the property, and then you can refinance—refinances I can’t even speak—refinances us out.
Marcy: It gets your job accomplished. You own the property, and then what you do within the future is up to you. We get you—-
Jack: Refinances out at cheaper rates.
Marcy: Right, you get rid of our loan because we’re a bridge lender. But at least you got the property.
Jack: It’s the cost of doing business. Banks increasingly are getting more and more, difficult to deal with. You’re not talking; they don’t get to know you. Any bank, this is, “Oh, we get to know you.” That’s all BS, that’s nonsense. They don’t care about you; they don’t know you. It’s all driven by the federal government underwriting policies at the FDIC. So again, with us, we’re fast; we can get you to close quick. My new line, “We’re home at the seven.” I don’t know, should we say seven or ten-day close?
Marcy: I would say seven to ten days.
Jack: We’re at home, of the seven to ten-day close.
Marcy: So, if you have title, I can do that at seven.
Jack: We’re home, of the seven to ten-day close. We can get you to closing quick. A lot of our deals are bank quality deals. They come to us; to get the property.
Marcy: ‘Cause they’re going to lose the property. So, they have— we’re an alternative. They come to us, and we get it closed.
Jack: We close the deal quick.
Marcy: They own the property, and then they move along.
Jack: Mortgage brokers love working with us. We love mortgage brokers. So, we’re a viable alternative to a bank. Again, more expensive, but it gets you in the door, and then you can take us out with a cheaper lender.
Marcy: Yep, that’s the mortgage tip of the day: alternative lending, that’s us.
Jack: And brokers, if you’re a broker, you should push this because you can make a whole living just dealing with bank fallouts. And banks are taking too long anyway. Check us out at geltfinancial.com. Remember, “When your bank says no, we say yes!”. Call us at 561-221-0900. And most important, have a fantastic day.”
Category: Education
