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11-13-2014, 11:32 PM #1
Hard Money For Real Estate Investor
The gentleman that owns the office complex we are in has a history as the number one residential real estate flipper in North Florida, purchasing over 50% of all residential and multifamily homes from 2006- 2012. When his lines of credit from local capital managers dried up, he went soft on the purchasing side. He's looking for options to continue his flipping operation at a higher level.
He has a package showing his performance, history, team, banks, and references ... which I've personally brought to meetings I've set up with the 3 largest private banks in our area ... All who have no appetite for such loans.
I'm not sure if there are folks here who might be able to assist or refer me to someone who can, but any assistance is appreciated.
Some details on this gentleman:
Owns $750k home and 7 cars free and clear
Owns a commercial office complex that generates $50k/mo in gross revenues
Has a local hard money lender evaluating providing a $500k line at 10% annual plus 2% of gross sales amount on all properties.
I know this a bit out of the mca box, but figured I'd drop it in the bin and see what happens.
Thanks for any assistance or recommendations.
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11-14-2014, 08:34 AM #2
It's not so much that it's out of the MCA box, more so it impairs the ability to profit at the factors that MCA Cash injections are issued for smaller projects. The margins in the Residential/Mix-Use property flipping - I just happen to know very well... The MCA model is better plated (at the moment) for the larger commercial multi-unit projects - that self-escalate in value, phase-by-phase and from floor-to-floor during the initial sponsor offerings. These projects can support the higher factors by washing away the initial loss, as a result thereof.
Joe EsparzaFUNDKITE"FinTech High-Risk Funding Table"joseph.e@fundkite.com | 929.999.2700x1008
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11-15-2014, 07:23 AM #3
Hard Money For Real Estate Investor
Thanks for the insight and detailed response.
Thanks to those who have PMed me as well.
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11-17-2014, 01:57 PM #4
I can probably get it done at 10% with a 2-3% origination fee, which will cost less than his current LOI.
Let me know if the client is interested in entertaining that sort of option.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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11-19-2014, 09:12 PM #5
- Join Date
- Oct 2014
- Posts
- 257
Hard Money For Real Estate Investor
I know somebody who can get this done. Contact me for his information 774-208-8118 -Henry
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