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Fantastic company – I informed Jack I needed to cl...

Fantastic company – I informed Jack I needed to close within 3 weeks (plenty time to close) in order to obtain a 1.2 million dollar advance. He said he’d think about it. I wrote several times and it was either Jack is away or he’ll think about it. Finally, after a month he comes up with a 14% interest rate and a 24 month early pay off penalty.
I took the loan and I was too late for the guarantee date for 1.2 million and the date for the advance ended up being postponed.
Ultimately, the 1.2 million contract was lost which forced me to sell the note and pay off Gelt for the loaned amount. I implored Jack to reduce the 24 month penalty to 12 months because his “I’ll Think About it,” cost me to lose the advance. Did he? No way, he knew I was in dire need to close on the note with another more reasonable company, he made it even worse. I ended up paying for four extra months past the contract term.
When I questioned about the 4 extra months being a mistake,, big decision maker Jack says he’s not an attorney when he is the one who sets the terms.
His, “I’ll think about it,” cost me not only a 1.2 million advance but also a prepayment penalty to him for nearly $100,000. If you go with Gelt be very wary.