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FAQ's
In what areas do you lend?
We lend in Pennsylvania, New Jersey, Delaware, Maryland & parts of Florida
What parts of Florida do you lend in?
We lend in Broward, Miami Dade & Palm Beach Counties
What is Gelt’s minimum loan amount?
$50,000.
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 needs 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.
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.
How does a mortgage broker submit a loan application?
Email it to AriMiller@GeltFinancial.com or fax it to 215-947-9101.
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.
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 mortgage brokers find small commercial loans?
http://geltfinancial.com/wholesale/commercialdeals.asp
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