Hard Money Deal |
| Posted by: John Fields Aug 31 2004, 01:49 PM |
Looking for some help with this one 1. 37.5 Million Loan Amt 2. Property worth 76 Mil 3. Residental property–(that’s one of the major problems) 4. Looking for 13 month term/ Exit loan is in place 5. Purchase Price is 37.5…Why so low will explain! If anyonee’s somthing here I have much more information, tried a few hard money lender’s just to big to handle. Thank You, John Fields |
| Posted by: loanuniverse Aug 31 2004, 02:29 PM |
| “Residental property–(that’s one of the major problems)” That is the major problem? Really? How about a property that is supposedly worth $76MM being sold for $37.5MM and you needing 100% loan-to-value. I guess that is not a problem. I feared that talking about “hard money” would bring these kind of posts and I was correct. I don’t like this forum to turn into one of those places where people that do not know anything about commercial financing get preyed upon by peddlers of fictional “get quick rich schemes”. Unfortunately, posts like these seem to foster that kind of environment, and I will be remiss not to mention its implausibility. |
| Posted by: Mike Aug 31 2004, 08:53 PM |
| Hi I dont mean to “prey” on anyone, but if this is a legal scenario then i might be able to help. I want to add that we run al “big” deals through our lawyer and we have had to turn some down becasue they have been int he grey zone. So if the deal is honest and legal and big then i can try to help, Just know all will go through lawyers hands to be verified Thanks |
| Posted by: loanuniverse Aug 31 2004, 09:18 PM |
| Mike: I have been around lending long enough to know that non-bank lenders can come up with structures and can support deals that would not be even considered by my employers. When I mentioned predatory individuals, I was referring to those that sell people on “get rich schemes” of buying real estate with no money down. Most people don’t understand how rare this is, and when I see someone talking about a $37.5 million deal with $0 down then I just naturally react with skepticism. Who knows, maybe this is a real, doable deal the way the original poster presented it. I sincerely doubt this, but hey anything is possible! In essence, I was not talking about the non-bank lenders that frequent the board. Unless you guys are charging fees to just even look at the deals, I have no reason to doubt your honesty. I did have to delete your email, because you are not registered, but you are welcome to register and post here as long as you follow the rules. |
| Posted by: MikeF Aug 31 2004, 10:40 PM |
| Hi Loanuniverse, no problem, i did one mistake, i forgot to log in. I am registered… so i will post again. And no we dont charge any fee until closing. (except appraisal etc) but nothing to check it out. Most times its probably to good to be true, but we have come across a bunch of deals that noone else have been able to do because they defy all guidelines, but it has been good honest deals and we have been able to find financing. So if this is a legal scenario then i might be able to help. I want to add that we run all “big” deals through our lawyer and we have had to turn some down becasue they have been in the grey zone. So if the deal is honest and legal and big then i can try to help, Just know all will go through lawyers hands to be verified Thanks mike@***********.*** |
