Hello Horrizons
Did you know that we as GEL employees can do Commercial loans? There is a twist to it though. We do not do the commercial loans like we do residential loans. The commercial loans are built as a referral only basses.
I have spent some time on the phone talking with Rick Normington of GEL Commercial and I will be setting up a conference call so he can explain who we are to you. You may have your prospects on the call also so they can hear this great info too.
Here is some info:
GEL Commercial, a Division of Global Equity Lending, Inc., makes financing for small bu
siness owners and investors an easier, hassle-free business transaction. Since commercial financing is a highly specialized business that is typically more complex than residential financing, we have developed a “Commercial Loan Referral Program”. The Referral Program allows you to participate in the commercial business without getting distracted from your WLG, GEL or GRM business.
Because of our lender network, we are able to present loans to any number of financial institutions covering the United States. GEL offers a variety of loans segregated into four programs.
GEL Express – Featuring $100K - $1 Million Stated Income (Alt-A) “Quick and Easy” Financing for eligible real estate collateral (purchase, refi, rate & term); and very competitive rates with generous LTV’s supported by high FICO scores.
GEL Success – Featuring $100K - $1 Million Stated Income (Alt-A) Financing for eligible real estate collateral (purchase, refi, rate & term); and conservative LTV’s for Borrowers with “B” or less credit. GEL Success is an alternative program for small business investors and commercial
real estate owners who do not meet the rigorous requirements of banks.
GEL Select – Featuring $100K - $10 Million “Full Doc” Financing for eligible real estate collateral (purchase, refi, rate & term); and LTV’s ranging from 75-90% where credit supports the application.
GEL Premier – Featuring a variety of financing in excess of $10 Million; and requiring application acceptance and special handling by a Commercial Managing Director (CMD).
Our commercial program keeps getting better with GEL Success! We listened to the field and heard you wanted fast closings and designed GEL Express to meet your needs. Then, the field reported a need for “softer” requirements and additional real estate collateral eligibility and we introduce GEL Success.
How can it work for you? A client calls today and has an opportunity to purchase an automotive repair center. You have ‘passed’ on this opportunity in the past but now the GEL Commercial Referral Program is available. The client has cash for business operations and the seller has even agreed to carry-back a second mortgage on the building which must be purchased as part of the $700,000 transaction. You recall from a home loan that this client has a low FICO score and your excitement starts to fade. By reviewing the Program and Credit Guideline Matrix, you find GEL Success offers alternative lending for many small business investors and commercial real estate owners who don’t qualify under more stringent requirements of bank.
GEL Success broadens your commercial reach with the same support and rewards afforded by all WLG products and services. You can now find even more “low hanging fruit”!
Our “fast track” program for selected small business commercial loan products can benefit you from both application/processing speed and commission/point rewards.
With GEL Success, here is what happens…….
These real estate backed loans must be between $100,000 and $1,000,000 and conform to the following:
Mixed Use/Apartment Buildings – These properties integrate residential spaces with commercial uses, such as retail or office space. Often these properties have a ground floor retail store or office with apartment(s) above, all in the same building.
Self-Storage Facilities – Now one of the most competitive building classes in the country, these facilities are designed primarily for storage. This category also includes cold storage, RV and boat storage facilities, and truck terminals (transit facilities).
Retail/Office Buildings – Designed for retail or office sales and display, this category includes stand-alone buildings such as offices, supermarkets, convenience stores, drug stores, department stores, bakeries, and beauty shops – as well as strip centers, and neighborhood and community shopping centers.
Warehouses/Light Industrial Properties – Single and multi-tenant facilities that are used for warehousing, light manufacturing, distribution, research and development. Does not include buildings where heavy manufacturing or specialized industrial operations such as welding occur.
Automotive Services – Includes everything from auto repair facilities to retail auto shops and part supply stores.
Special Purpose/Unique Properties –GEL Commercial within the GEL Success product category will consider all commercial and unique properties that fall within our program guidelines and loan amounts, including day care and educational facilities, funeral homes, campgrounds, outdoor entertainment centers, trailer and mobile home parks and marinas.
Hotels/Motels – With our industry knowledge and expertise, we feel we understand the non-flagged world of hotels and motels better than most lenders. Our valuation assumptions are based on facts relative to the specific property.
Restaurants – We offer competitively priced financing for a wide range of properties, including owner-occupied and leased facilities as well as fast-food and full-serve restaurants in neighborhood settings or urban.
Multi-Family Housing – We fund residential structures that contain five or more dwelling units in the same building. These multi-story buildings generally offer individual apartments for rent with common area facilities, such as an entrance, lobby, elevator, stairs, hallway, walks or grounds.
Ineligible properties include:
Agricultural purpose
Assisted care
Church/Religious
Education
Health care
Heavy industrial
Adult entertainment
Hospitals
Nursing home
Unlike most bank loans, GEL Success is a Stated Income/Asset Program (ALT-A). That means full document paperwork isn’t required – and you and your clients enjoy greater flexibility and faster turnaround times.
No tax returns required
No income verification
Unrestricted cash-out
Loan amounts under $1 million
Secured on commercial properties like multifamily, mixed use, warehouse, office, retail, industrial, automotive, special use and more
Several affordable payment options
Automatic payment options – no more writing checks
Fixed or adjustable rates
15 to 30-year amortization
“Quick Reference” Guidelines for GEL Success.
Perfect candidates for GEL Success loans are those who need financing for an income-producing or commercial property, but cannot qualify for traditional bank financing because they're unable or unwilling to verify income or assets. Here are clients you should consider:
Clients without sufficient credit history
Business owners who want to take cash out of their property
Entrepreneurs and self-employed people who want to purchase a site for their business
Real estate investors who wish to put as little as 10% down (GEL Success allows CLTVs up to 90%)
Income verification for small investors and business owners can be a hassle. Unlike banks and other conventional lenders that verify the borrower's personal income, we can pre-approve your clients quickly with a simple GEL Commercial ALT-A application that simply states the borrower's income and assets. The only income verification required is on the property being financed. We require rent rolls and leases on properties with more than four units certified by the borrower. Our easy Stated Income/Asset (ALT-A) process allows your self-employed clients who cannot verify all of their income to usually qualify under GEL Success.
Environmentally sensitive property types such as auto repair shops and dry cleaners can be submitted under GEL Success but the owner needs to complete an environmental questionnaire that must be submitted with the loan package. The information is reviewed by an insurance company in order to determine whether or not the property poses an environmental risk. The cost of the premium varies depending on the loan amount and property type. However, the cost is substantially less than that of a typical Phase I environmental report. By offering this environmental screening process, our GEL Success program can finance riskier properties that many other lenders will not.
A typical GEL Success Borrower Profile finds one primary common denominator. They usually have a large amount of real estate equity and an immediate need for short-term capital. They cannot or will not go through the strenuous and time-consuming underwriting process required by conventional lenders.
WOW!!!
Isn't this great!!
You can log on to the back office and click on the GEL tab. Them on the right hand side you will see "Commercial Loans" click on "Over View".
Scroll down to the bottom you will see "Program & Credit Guideline Matrix " here you will find the types of loan programs we offer.
Go look at the comp breakdown. This will show you how we get paid!
This is another market that we have to tap into! I know, you are asking, "How do I find a commercial loan?" Well, talk to people that are regular loan officers or better yet insurance sells people. What about going to a realtor who works with commercial clients and show him how we work. Let that realtor know that you are building a team to help him close the deals. He might refer someone to you.
I have been working on a insurance sells man for about 3 months now. He does loans too. He loves the fact that he can build a team and still personal produce. He has a client that needs a commercial loan and now he wants to join us. This insurance guy is the guy that put the insurance on my house! Of course I was going to prospect him! He makes money off of me every month when I pay my insurance!
I hope this helps you to see more areas of growth for your business. This is your time! Take
advantage of it!
See you at the bank!!
SC
