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Mixed-use property purchase on Main Street in Manayunk.  Loan amount: 275,000 Credit Score: 570      Purchase of a garage in Trafford, PA. Loan amount: 41,250 Credit Score: 700      Single Family home rehab in Philadelphia. Loan Amount: 254,000. Credit Score: 720      Purchase of Mixed Use property on Girard Ave in Philadelphia. Loan Amount 525,000. Credit Score: 724      Refinance of Store front Totowa, NJ. Loan Amount: 65,000. Credit Score: 606      Purchase of commercial property in Donora, PA. Loan Amount: 71,750. Credit Score: 708      Land purchase in Newark, NJ. Loan Amount: 115,000.  Credit Score 672      Purchase of commercial property in Irvington, NJ.  Loan Amount: 275,000.  Credit Score: 604      Mixed use property purchase in West Philly.  Loan Amount: 81,400.  Credit Score 545      Purchase of 7 unit property in Union, NJ.  Loan Amount: 280,500.  Credit Score 761
   

Gelt Holdings buys Public Savings Bank

September 7, 2006

Gelt Holdings, Inc., the parent company of Gelt Financial Corporation is pleased to announce the acquisition of Public Savings Bank. Public Savings Bank will service better credit quality commercial real estate wners and real estate investors who deserve lower interest rates and fees. Public's wholesale division will be led by industry veteran Jon Zeitz. Even though Public is a bank, just like Gelt it will have No ratio loans, rehab loans and new construction loans. Public will serve the same territory that Gelt does, PA, NJ, DE, MD & FL. Gelt's wholesale department, led by Mike Salmieri, will continue to focus on loans for non bankable borrowers. Jon Zeitz can be reached at 215-839-0100 ext 229 and Mike Salmieri at 215-947-2974 ext 225.

 



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