[dpFund]

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.

[ChezkyGCG]

I'm intrested in this deal, I pm you

[RichardGerard]

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

[rick_clsfunding]

You might reach out to Kennedy Funding: http://www.kennedyfundingfinancial.com/

[omegafund]

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

[PBIGF1981]

Am interested in this deal

[RichardGerard]

Omegafund is right: Kennedy is it in mainly for the 10k non refundable fee... There will be people interested.. RG

[FUNd]

10K non refundable fee. Anyone stupid enough to pay that deserves to lose it. Is that even legal?

[rick_clsfunding]

You might reach out to Kennedy Funding: http://www.kennedyfundingfinancial.com/

I used them a couple times in the early to mid 2000's - nothing out of the ordinary in their term sheets (at that time), but if they've changed since then, my apologies for the suggestion...

[lendingsolution]

I am interested