FAQ's

In what areas do you lend?
We lend in Pennsylvania, New Jersey, Delaware, Maryland & parts of FL

What parts of Florida do you lend in?
We lend in Broward, Miami Dade & Palm Beach Counties

What is Gelt’s maximum loan amount?
$1,000,000.

Do you do Hard Money Loans?
Yes. We have a "Hard Money Loan" program as well as programs for borrowers with excellent credit.

What are the typical properties that you give mortgages on?
Apartment buildings, Mixed Use properties, Bars, Taverns, Funeral Homes, Office Buildings, vacant properties, shells, R.E.O.s, residential non-owner occupied properties & properties in any condition.

Will you lend on owner occupied properties?
If the property is 1-4 units and all of them are residential, then the borrower can not live there. If the property is over 4 units or 1 or more of the units are commercial, then the borrower may be able to live there. A borrower can have their business in one of the commercial units.

What is a rehab mortgage?
With a Rehab Mortgage (Rehab Loan) we lend borrowers money to buy property and fix it up. Typically, the borrowers need very little of their own funds on these loans.

What type of credit does the borrower have to have for Gelt to lend to them?
Gelt doesn't have a minimum credit score; however, the borrower must have an overall good credit history and show willingness to pay their debts. Gelt also has a "Hard Money Loan" program that does not focus on the borrower's credit.

How does a Line of Credit work for investor loans?
Gelt may give you a one year line of credit that will enable you to buy properties & fix them up. You only pay points at the inception of the line. You can use and repay the money as many times as you wish within the term.

What is a 203k?
This is a loan that enables a person to buy and renovate an owner-occupied home.

What do you do if you don't have the money to make payments?
Call us. We can't stress that enough. We want to work any problems out with you. We don't want to foreclose or start any type of legal action. We want to work with you so that you can make your payments in a timely fashion.

How do I apply for a mortgage?
Fill out the online application http://www.geltfinancial.com/application/application.asp. You should expect to hear back from us by the end of the following business day.

How do I apply for a pre-qualification?
Fill out the online application http://www.geltfinancial.com/application/application.asp. You should expect to hear back from us by the end of the following business day.

How long does it take for a pre-approval?
We like to shoot for 2 business hours, but the worse case scenario should be within 8 business hours.

How are the draws for repairs handled?
Typically draws are divided into four stages. The first stage is usually given to the borrower to start the renovations at closing.

How is the repair/rehab money handled/released?
Email your Gelt Loan Officer of your request and include the following information: your name, property address, loan number, amount of money you're requesting, work completed since the last request, work you want to do with the next release, digital pictures of completed work if possible.

How long does it take to process a draw request?
You should hear from your Loan Officer within 1 business day and have the money within 2 business days. Depending on the size of the rehab and the complexity Gelt may send an inspector to the property which may cause a slight delay.

How often can I request repair/rehab money?
You can request as quick as you can get the work done. Please keep the requests at a minimum of $5,000.

What do I do if I want to change bank accounts that my payment comes out of?
Call our servicing department as soon as possible and we’ll forward you the proper form.

Will Gelt buy someone out of bankruptcy or foreclosure?
Even though some may refer to us as a “Hard Money” Lender, we generally will not buy someone out of bankruptcy or foreclosure. Even though we are not credit score driven, our focus is to help someone make more money with our money. Our goal is to help someone on the way up, not to catch someone on the way down.

How do I obtain a payoff?
Fax us a request with the following information: borrowers name, property address, loan number, date you wish to payoff, borrower’s signature.

What do I do if I want to request a draw?
Draw Request information