Houston, Texas - private money needed - 67 SFR rentals, cashout $4MM needed
I have an associate direct to the HNWI client. The client has excellent credit merits, net worth. The problem is that he does not report on income taxes to match what he really has.
Looking for a private source that can think outside the box and in turn the borrower can validate all that is being said.
properties tax assess around $5.2MM, borrower has purchased all properties over the last year and a half. He can document putting in nearly $7MM in cash to purchase and fully rehab. The properties are all occupied. Would prefer the least amount of exercise, possibly no appraisals / surveys, if can loan against the tax assess value or the proof of having invested around $7MM. Or if appraisals are required, borrower needs highest LTV to help offset any low ball appraisals.
Borrower nets over $300k / month. Can prove this and can service the debt without any problems. Let me know if you know someone of interest and that can move fast.
theconsultant4u atgmail dotcom
by ibeforee October 30, 2012 12:51 PM
I just e-mailed you with some general information.
Senior Account Executive
Individual NMLS #290322
Athas Capital Group NMLS #275237
877.877.1477 ext 206 Toll Free
26901 Agoura Rd. #250
Calabasas Hills, CA 91301
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by richardloan October 30, 2012 1:40 PM
I love this scenario, please allow me to place an under-writer's cap on for a second and translate this scenario.
1. I have an associate direct to the HNWI client. - I know a dude that claims he has a HNWI but he can't get a lender, so Im gonna broker the shit out of this loan and tack a point on for myself.
2. The client has excellent credit merits, net worth. - I'm not close enough to the client to actually get a credit report but my friend says he's loaded.
3. Looking for a private source that can think outside the box and in turn the borrower can validate all that is being said.
- There is no fucking way a legitimate lender would lend on this dude so I'm looking for a throw this shit against the wall approach.
4. Properties tax assess around $5.2MM, borrower has purchased all properties over the last year and a half. - The value is shakey at best and the borrower hasn't much skin in the game.
5. He can document putting in nearly $7MM in cash to purchase and fully rehab. The properties are all occupied. - I'm fully prepared to fabricate any documents that can get me around usual underwriting requirements because I have vast knowledge of adobe acrobat and I am a master of the cut and paste.
6. Would prefer the least amount of exercise, possibly no appraisals / surveys, if can loan against the tax assess value or the proof of having invested around $7MM. - I am quite possibly the laziest fucking individual on the planet and I'm not too worried about committing fraud. I don't have any marketable skills in the workforce so I scavenge deals I can never get done all the while blowing sunshine up my friends ass so i look like a god. I came here on the vine so everyone else can do the heavy lifting for me, I'm really going to enjoy cranking that point on this deal!
7. Or if appraisals are required, borrower needs highest LTV to help offset any low ball appraisals. - Once again, I'm seriously bullshitting the value and I want to squeeze the fuck out of this deal so I can retire and work on my self-help book I have been pondering for the last decade.
8. theconsultant4u atgmail dotcom - I'm too poor and unprofessional to afford the $10.00 a month from godaddy to get my own domain. Legitimacy is an overrated quality, besides I'm about to be a millionaire off this sap!
.05 cents to bats
by Booth October 30, 2012 2:57 PM
You definitely travel around the wrong circles Booth. I've closed more deals with the grapevine's help than moneys you've made on all your deals combined over the years, I'm sure. My deals are real, I don't know why you'd waste time with folks to come up with your "scenario". Sorry to hear what you've been through. Maybe one day you'll be able to figure out what's real and what's not, then maybe you too can be successful placing some legitimate deals. JMHO
and I'll throw a dime to bats!
by ibeforee October 30, 2012 3:06 PM
I haven't written a loan in my life, but I've shit-canned, sent back and reported to law enforcement my fair share.
The weather is beautiful here, so no need to blow sunshine up my ass. Most folks that make alot of money I have noticed in my many years, never admit nor profess it.
As far as wasting time with folks, well... not alot of loans coming in lately so i have plenty of time to practice my wit. I thought I did a pretty good job on your HNWI... lol.
by Booth October 30, 2012 3:13 PM
Would the owner be interested in selling these as one package?
by nlauer October 30, 2012 5:04 PM
I would suspect you will end up having to break this into several $1M pools to make this happen. Without much seasoning acquisition or CAD value would likely be used. There's really no way around paying for either appraisals or BPO's up front either.
by entrustequityfunding October 31, 2012 2:20 PM