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TOBTEK
12-12-2006, 02:59 PM
looking for a private 1st on a clients property.
3 year interest only note.
property appraised for 950K
owner looking for 650K @ 10.50%
will pay investor $204,750.00 over the three years.
have full appraisal and escrow instructions.
call me if you or you know someone interested.
THANKS Toby

PHOTOGLOU
12-12-2006, 03:07 PM
looking for a private 1st on a clients property.
3 year interest only note.
property appraised for 950K
owner looking for 650K @ 10.50%
will pay investor $204,750.00 over the three years.
have full appraisal and escrow instructions.
call me if you or you know someone interested.
THANKS Toby
Tobey
I put the number in and I must be missing something at 10.5% APR for 36 months at a pmt of $21,185 per month I only come up with $110,569 in interest.... is it 10.5% APRR or a set rate of $204,750??? so I can relay the correct info.... Jay

PHOTOGLOU
12-12-2006, 03:09 PM
Actually I think I figured it out 1 ballon pmt at the end of the loan is that correct??

Do F150's Float?
12-12-2006, 03:09 PM
I used to work for a private money lender, and would totally reccomend them... if i still worked there :hammerhea LOL
No good for just a reg. hard money deal? I have a few over here we use for our super subprime stuff...?

PHOTOGLOU
12-12-2006, 03:21 PM
I used to work for a private money lender, and would totally reccomend them... if i still worked there :hammerhea LOL
No good for just a reg. hard money deal? I have a few over here we use for our super subprime stuff...?
A hard money deal would be with no collateral, Correct? This has the 1st deed attached to it, I think...

Do F150's Float?
12-12-2006, 03:26 PM
A hard money deal would be with no collateral, Correct? This has the 1st deed attached to it, I think...
Hard money/private investor (in reference to a real estate loan) always has a deed (1st/2nd/3rd, etc) tied to it. I was asking if it was for a regular, residential loan (rather than say a commercial deal), because if so, i have lenders/investors we work with :D

PHOTOGLOU
12-12-2006, 03:40 PM
Hard money/private investor (in reference to a real estate loan) always has a deed (1st/2nd/3rd, etc) tied to it. I was asking if it was for a regular, residential loan (rather than say a commercial deal), because if so, i have lenders/investors we work with :D
OHHHHHHHHHHHHHHH, that's lingo out of my league....... Need a car????

Do F150's Float?
12-12-2006, 03:43 PM
OHHHHHHHHHHHHHHH, that's lingo out of my league....... Need a car????
Umm... no, i have too many already :D (ok, that's a lie, you can never have too many toys)
Thread jack over - Toby, if that looks like helpful info, let me know. If not, good luck!!! :)

bohica
12-12-2006, 03:49 PM
Tobey
I put the number in and I must be missing something at 10.5% APR for 36 months at a pmt of $21,185 per month I only come up with $110,569 in interest.... is it 10.5% APRR or a set rate of $204,750??? so I can relay the correct info.... Jay
Interest only loan for 3 years with principal due at the end. Monthly interest payment of $5,687.50 x 36 = $204,750

TOBTEK
12-12-2006, 04:12 PM
Interest only loan for 3 years with principal due at the end. Monthly interest payment of $5,687.50 x 36 = $204,750
YOU must be a CPA or something :)

TOBTEK
12-12-2006, 04:18 PM
Interest only loan for 3 years with principal due at the end. Monthly interest payment of $5,687.50 x 36 = $204,750
Tobey
I put the number in and I must be missing something at 10.5% APR for 36 months at a pmt of $21,185 per month I only come up with $110,569 in interest.... is it 10.5% APRR or a set rate of $204,750??? so I can relay the correct info.... Jay
650K x 10.50% = $68,250.00 x three years = $ 204,750.00
$5,687.540 a month with a 850k due at end

PHOTOGLOU
12-12-2006, 04:21 PM
YOU must be a CPA or something :)
I have someone calling you right now......

TOBTEK
12-12-2006, 04:26 PM
I have someone calling you right now......
ya, but he tried to sell me a new vette...... :)

TOBTEK
12-12-2006, 04:29 PM
Hard money/private investor (in reference to a real estate loan) always has a deed (1st/2nd/3rd, etc) tied to it. I was asking if it was for a regular, residential loan (rather than say a commercial deal), because if so, i have lenders/investors we work with :D
res, lot, 15 acres, all utilties and meters on site.... not comm

PHOTOGLOU
12-12-2006, 04:31 PM
650K x 10.50% = $68,250.00 x three years = $ 204,750.00
$5,687.540 a month with a 850k due at end
850 or 650.... Now I'm really lost........

YeLLowBoaT
12-12-2006, 04:33 PM
850 or 650.... Now I'm really lost........
you give them 650, in 3 years they will ow you ~ 850.

chub
12-12-2006, 04:36 PM
YOU must be a CPA or something :)
Toby, don't let his head get any bigger than it is.:supp:

Cole Trickle
12-12-2006, 04:40 PM
looking for a private 1st on a clients property.
3 year interest only note.
property appraised for 950K
owner looking for 650K @ 10.50%
will pay investor $204,750.00 over the three years.
have full appraisal and escrow instructions.
call me if you or you know someone interested.
THANKS Toby
Do people do this because they make a great monthly income but have bad credit? (hoping for a better FICO score and a good rate when they refi in 3years?)

NashvilleBound
12-12-2006, 04:46 PM
Are they or are they not making monthly payments on this?
SFR? What is the full appraised value? Market value?
Anything else?????

rrrr
12-12-2006, 04:46 PM
Hot Boat.......is there anything it can't do? :D

TOBTEK
12-12-2006, 04:47 PM
Hard money/private investor (in reference to a real estate loan) always has a deed (1st/2nd/3rd, etc) tied to it. I was asking if it was for a regular, residential loan (rather than say a commercial deal), because if so, i have lenders/investors we work with :D
Do people do this because they make a great monthly income but have bad credit? (hoping for a better FICO score and a good rate when they refi in 3years?)
not a credit issue, has PERFECT credit....its a seasoning thing. bought the property WAY under appraised/market value.

Do F150's Float?
12-12-2006, 04:47 PM
Do people do this because they make a great monthly income but have bad credit? (hoping for a better FICO score and a good rate when they refi in 3years?)
There's a few reasons:
Hard/Private money lenders don't verify any income info (as long as you make the payment, they don't care). Good for people who make no money or "mattress money"
3 day fundings from start to finish usually. Shorter for non-owner occ/commercial property. No appraisal required.
Foreclosure bail outs.
:)

Do F150's Float?
12-12-2006, 04:49 PM
not a credit issue, has PERFECT credit....its a seasoning thing. bought the property WAY under appraised/market value.
How long has he had it? There's a few out there who will do just a few months seasoning. Had a similar situation with people who bought a property (cash) foreclosure bailout. If it weren't for lis pendens on it (some dumbass claiming rights to the property) i had lenders lined up to do 85-90% LTV.

TOBTEK
12-12-2006, 04:52 PM
Are they or are they not making monthly payments on this?
SFR? What is the full appraised value? Market value?
Anything else?????
CALL ME....if your interest. res, lot, payments are current, never late.

NashvilleBound
12-12-2006, 04:55 PM
CALL ME....if your interest. res, lot, payments are current, never late.
GET OFF THE PHONE I AM CALLING YOU................please.

NashvilleBound
12-12-2006, 04:57 PM
Rings and rings..... goes to voice mail....
I will try tomorrow as NCIS is on in two minutes.

TOBTEK
12-12-2006, 05:05 PM
GET OFF THE PHONE I AM CALLING YOU................please.
call ya in a sec ;0

wsuwrhr
12-12-2006, 05:14 PM
Is it possible to inject "mattress money" into residential real estate, painlessly?
There's a few reasons:
Hard/Private money lenders don't verify any income info (as long as you make the payment, they don't care). Good for people who make no money or "mattress money"
3 day fundings from start to finish usually. Shorter for non-owner occ/commercial property. No appraisal required.
Foreclosure bail outs.
:)

TOBTEK
12-12-2006, 05:27 PM
Is it possible to inject "mattress money" into residential real estate, painlessly?
look at you Capone :)

wsuwrhr
12-12-2006, 05:28 PM
look at you Capone :)
Just asking a general question.

Starloans
12-12-2006, 05:33 PM
Tob,
I do some hard money. I have about 4 sources for hard money but I need to know more about the transaction. Location, property info, type of employment, when purchased, future intentions for the property, etc. If you don't find a home for this loan, pm me.
The first thing I see is you indicate the amount of interest the borrower is willing to pay over the 3 years. I've done a few hard money deals but every investor wanted POINTS in addition to the interest. Anywheres from 2.5% up to 6 points on the loan. That's hard money. Granted, the loan is large and the inverstor would probably do it for less points but the question is...is the borrower willing to pay points?
The way the deal would be structured is the borrower, for example, wants 650K. The investor wants 10.99% interest plus 4 points. That means the borrower still gets 650K in his pocket but he acturally borrows 676K...650 plus the points. Other closing cost can be included in the loan amount as well.
I know it sounds HARD....... but that's hard money. :cry:
PM me.

Starloans
12-12-2006, 05:34 PM
Is it possible to inject "mattress money" into residential real estate, painlessly?
YES.

NashvilleBound
12-13-2006, 05:21 AM
All I can say is that is a good thing you called during a commercial..... :supp: :supp: :supp: :supp: