Results 1 to 10 of 10
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10-22-2015, 09:53 AM #1
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Kansas Feedlot Seeking $1.2M RE Hard Money Loan
My client owns a cattle feedlot in Kansas. It has a few hundred acres and an operating cattle feedlot. He uses it for his own cattle and also has numerous clients for the feedlot. The property has a recent appraisal of $2.4M and the client is seeking $1.2M.
This is a candidate for a hard money loan, with repayment over a 2-3 year period, 20 year amort and ideally interest only payments with balloon at the end of the term and with no prepayment penalty. This is NOT a candidate for a daily payment loan.
He has a $800k first mortgage on the property (owner financed). He wishes to pay off the first mortgage and take an additional $400k (for total of $1.2M) to purchase more cattle.
The hair on this deal is the client's credit. He is in the mid 500s due to a previous partner putting a double mortgage on some cattle, which put him behind. I believe that all his current payments are on time.
The plan is to get this hard money loan set up using the feedlot and income as collateral, then repair his credit over the next twelve months and secure a long term mortgage to take out the hard money loan.
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10-22-2015, 10:00 AM #2
- Join Date
- Oct 2015
- Posts
- 10
Kansas Feedlot Seeking $1.2M RE Hard Money Loan
I'm intrested in this deal, I pm you
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10-22-2015, 10:03 AM #3
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Hey Dan.. Are there any buildings on property (other than transient structures)? After 2- 3 years what is his exit strategy? Is it owned Corporately or individually?
The LTV isn't the issue.. It's they type of property and the credit, as you've mentioned.. We work with some lenders (private investors) that might like this.. The rate and points will reflect he challenges mentioned..
Best,
Richard
516 510 3855
www.businesscapitalconsultants.com
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10-22-2015, 10:19 AM #4
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
You might reach out to Kennedy Funding: http://www.kennedyfundingfinancial.com/
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10-22-2015, 11:31 AM #5
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
Please dont work with Kennedy, anyone in the hard money industry for years understands why.
I have some investors that work exclusively with farms/ranches. Contact to discuss
bzuniga@omegafund.com
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10-22-2015, 11:59 AM #6
- Join Date
- Oct 2015
- Location
- Hartford, CT
- Posts
- 25
pm me
Am interested in this deal
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10-22-2015, 02:37 PM #7
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Omegafund is right: Kennedy is it in mainly for the 10k non refundable fee... There will be people interested.. RG
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10-22-2015, 02:55 PM #8
- Join Date
- Jul 2014
- Posts
- 1,746
Kansas Feedlot Seeking $1.2M RE Hard Money Loan
10K non refundable fee. Anyone stupid enough to pay that deserves to lose it. Is that even legal?
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10-22-2015, 03:26 PM #9
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
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10-22-2015, 07:28 PM #10
- Join Date
- Oct 2015
- Posts
- 5
I am interested
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