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REO Soft POF Sample

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Company Letterhead

Upon completion of SOFT PROOF OF FUNDS, we additionally authorize your Seller to exercise HARD PROOF OF FUNDS prior to entering into a Purchase and Sale Agreement.
I, (Insert Name of Authorized Signatory) have the authority to transfer funds for the above referenced transaction and full signatory authority for this transaction and attest this under the penalty of perjury and to the maximum extent of the law both locally and federally enforced as applicable.
(Name of Buyer) has given to (Name of person with authority to sign) full signatory authority to sign on our behalf, as the above referenced Buyer, for this specific transaction and have given full authority to transfer funds on our behalf and attest this under the penalty of perjury and to the maximum extent of the law both locally and federally enforced as applicable. The purchase price will be 58 cents on the dollar which includes 3 percent commission to be paid per the Master Fee Agreement.

X_________________________

_______________ Dated: _________________
Authorized Signature (The Buyer)

Print Name: _____________________________

_______________________________________ Dated: __________________
Authorized Signature (On Behalf of the Buyer)

Print Name: _____________________________

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Collateral Instruments Film Funding In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

WE ARE FUNDING. GET 100% FUNDING PLUS INTEREST.

I spoke with a funding source who was referred to us Tuesday August 4, 2009. With 19 years experience Lisa is well qualified and one of the best “packagers” in the industry.

Please remember that we charge a commitment consultation fee that provides six months of service and unlimited access to our www.joetufo.com/blog subscription site for my lifetime.

Here are some items that she sent over to me:

WE ARE FUNDING.

GET 100% FUNDING PLUS INTEREST.

DO YOU HAVE A REAL ESTATE OR PROJECT THAT NEEDS FUNDING ?

DO YOU HAVE BANK APPROVAL BUT NEED A GUARANTOR OR A LETTER OF CREDIT TO GET YOUR FUNDING ?

No Upfront Fees          No Collateral Provider Closing Fee

EQUITY CAPITAL/ START UP CAPITAL/ ANGEL CAPITAL: If you have a profitable opportunity/ project, this Collateral Structure can guarantee the investment made by any type of investor or lender.

This is an excellent structure that can be used for many transactions.  When the Bank Instrument matures (one year-one day), it pays off the Client’s loan.  The Collateral provider is now a partner and lender to the project along with the VC firm who is managing this process.

The Funding Source prefers this structure because it is able to lend funds and get a Bank Instrument from a Top 25 Bank guaranteeing repayment of the principal and interest.  This is a RISK FREE transaction to the lender and the Client (borrower).

Low 6% interest for what part of loan remains a loan- Up to a three (3) year “interest reserve”  which can be added to the original principal  borrowed at the time of the loan and payable at the end of the term.

The Bank Instrument will guarantee the return of principal, one years worth of interest and any fees back to the lender.  Client’s Funding Source will determine the “type” of Bank Instrument, the amount of interest, and their requirements to proceed with the Client’s loan.

All Bank Instruments are Cash backed, CD’s or LC’s, SBLC or DPLC or BG’s all from top 25 World Banks.  NONE OF THESE INSTRUMENTS ARE LEASED OR BORROWED.

At the end of the loan term (one year and one day), the Funding Source receives the principal and interest payment from the issued Cash backed Bank Instrument (Collateral), which liquidates the loan.

Turn around time: WE CAN FUND IN 30-45 DAYS.   Amount of financing between 50M to 5B.

Our Fund has 5B in bank guarantees available for projects in Real Estate or Venture Capital for projects. No start ups Good for acquisition targets or company roll up. Public or private companies. We have been funding projects since 1990.
Must be in the USA based ONLY and ready for funding. Looking for a seasoned management team. If you know how to make money we can help.

PLEASE SUBMIT EXECUTIVE SUMMARY. I HAVE ACCESS TO A DIRECT FUNDING GROUP WHO WILL USE A CASH BACK SBLC OR CD IN A TOP 10 BANK OF YOUR CHOICE..

Licensed with the DRE. Specializing in commercial and hard money loans. As a Financial Catalyst in the capital markets since 1990 specializing in corporate finance. Access to ten billion dollars in investment capital. REO Bulk sales and Performing and Non Performing Notes sales. Access to public and private financing. Non-traditional money sources. Debt or equity financing strategies, real estate financing for construction and development projects. Stock loans on public securities for real estate investments.

100% commercial funding, alternative, direct lender, hedge fund, private capital, private equity, private lender, private placement programs, project funding, real estate funding, venture capital

Commercial Real Estate Industry
Certified Mortgage Planner
Certified Cash Flow Consultant (CCFC)
Member American Cash Flow Association and American Capital Exchange

Bridge Loans, Mezzanine, Films, and Hard Money Nationwide Loans for: Multifamily, Assisting Living, Car Dealership, Car Wash, Agricultural Land, Blanket Loans, Ethanol & Alternative Fuel Plants, Condo Conversion, Constructions, Drug Store, Entertainment Industry, Especial Purpose, Funeral Homes, Golf Course, Health Care/Hospital, Hotel & Resort, High Rise Construction for Commercial Lease, Venture Capital for High Risk Business Development Projects, Industrial, JV, Land, Raw Land, MHP, Restaurant, Restaurant Fast Food, ReHab, Residential over $5Mill to $500Mill, Rural Development, Vacant Building Financing, Senior Housing, Self Storage.

Fast money on a “future loan to value basis” for rapid financing. Equity investments for real estate properties for Joint Venture, construction properties to effect loans. Financing for wrap around construction loans on a 80-90% future appraised loan to value with Mezzanine financing up to 97% with interest reserves.

“Paid in Capital” assistance for developers in conjunction with construction and development financing. Capital can be obtained through various channels including but not limited to equity share agreements from direct investments through a Limited Liability Company or Limited Partnerships, IRA investments and 1031 exchanges.

Land acquisition 50% to 70% of purchase contract and up to 100% development and construction costs for developers in conjunction with construction and development financing. Hedge funds who will purchase income properties; shopping centers, hotels and apartment buildings. Equity financing between $3mm-$300mm. Company access to $100mm warehouse line.

Access to 500  Wall Street Multi Billion Hedge Funds that specialize in real estate investing that provide a New line of finance, debt or equity available in market.  These funds are primarily set up for any Real Estate Project or Finance need. Minimum $50 Million, no maximum. These funds are positioned to fill the void in the institutional market.  I am a  Business Finance Consultant to the Fund.  There is no engagement fees to get access to this Fund or access to any of our over 500 Sources of Capital. We are performance driven and get paid only if our Correspondent Fund delivers your total financial needs.

Outside the box financing on commercial, construction, acquisition & development projects from $1M – $500M and Standby letters of Credit, direct to providers for Proof of Funds/VOD’s/Balance Sheet Enhancements from $250k-$500 Million.  POF needs to show “x” amount of money in an account in their name for any reason. Good for qualifying for a large project financing, bond financing, net worth requirements, blocked funds for investments.  Proof of Funds program is a sub bank account or escrow account in the clients name for 30,60,90 days all the way up to 1 year.

-Standby Letter of Credit
-Proof of Funds
-Acquisition & Development Financing
-Hotels & Luxury Resort Financing
-Bond Financing
-Bridge Loans
-Equity/JV Financing
-Investment opportunities that yield 4-10% monthly and your money is never at risk

All Income property must have a DTI of 1.20% coverage
• Loan Amounts: $250,000 to $15,000,000
• Loan Programs: Conventional and SBA
• LTV 75% to 85%
• Assumable loans. No pre pay
• 5 year fixed 25 year amortization
• “MAI “ appraisal review
• Multi family interest 6 1/4 to 7 3/8
• Commercial income property interest  7 3/8 to 7 1/2
• SBA Preferred takes 45-60 days up to 90% LTV

Network with senior management
• Life Companies    • FNMA, HUD, FHLMS
• CMBS & Investment Banks
• Pension Funds    • Thrift and Loans
• Mortgage REITs   • Private Money

Residential Loans $500k-$5mm and above
• “Quick close”    * Hard Money
• Non-conforming    • Land    • Estate Loan Division

Commercial Loans $500k-$500mm
• Equity – JV development      • Construction to permanent financing

Property Types
• Hotels     • Mixed-Use    • Office and Medical Buildings   • Shopping Centers
• Assisted Living     • Congregate Care
• Carwash         • Parking Lots   • Industrial     • Mini-Warehouses
• Apartments  • Student Housing       • Mobile Home Park

Financing Structures
• Income property    • 1st, 2nd and Leaseholds      • Refinance

Specialties:   Non-traditional money sources. Debt or equity financing strategies, real estate financing for construction and development projects. Stock loans on public securities for real estate investments.

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In The News Money Available Preparation Real Estate Projects Referral Partners REO

Workouts 101, Part 3: More Points of Borrowers’ Leverage

This post was written by Maura O’Connor an attorney with Seyfarth Shaw LLP. I have subscribed to RSS feeds with Globe Street for a long time. This article and other posts will be of great benefit to those of you who are upside-down on commercial properties. Read-On:

Continuing from last week, here are more points of potential leverage for borrowers facing potential workouts or foreclosures.  A borrower should figure out its position and points of leverage before proposing a workout to its lender.

Review the loan documents (including guaranties and correspondence).  Or have new counsel do so. It’s a good idea to bring in new counsel to look at the deal documents, because new counsel will bring in fresh eyes, and will be able to see what’s actually written in the loan documents, rather than what counsel that did the original deal thinkswas done.  (It’s simply human instinct to see what one thinks is there.)  Obviously the new counsel should be experienced in real estate workouts in the state where the property is located, as there are lots of subtle legal issues that are state-specific in this area.  (See my response to Selina Parelskin’s letter on the first week’s post for some of the California issues and a war story — the names have been omitted to protect the guilty.  In the current market, we’re unfortunately seeing a lot of real estate and other transactional lawyers — even former municipal law lawyers — reinventing themselves as workouts lawyers.  While it is certainly possible to learn a new area, in many states including California, the law about how to enforce loans secured by real estate is technically very complex and quite difficult, and we’re  frequently dismayed by the low caliber of advice given by some lawyers to their borrower or lender clients in this arena — it is very common to see basic issues simply missed altogether.)

It is not uncommon for loan documents to contain flaws that could affect their enforceability — or could at least give the borrower some leverage in a workout.   About 1 out of every 2 or 3 deals we see has had at least one major documentation problem that could be used by a borrower to increase its leverage.  For example, a few problems I’ve seen over and over in 20 years of practice are the failure to attach the proper legal description; inadequate or ineffective guaranty waivers (there’s one of 3 needed waivers that is frequently missed in California); and incorrect UCC filings (very important in loans secured by certain asset types:  you can’t run a hotel after foreclosure without its beds, furniture, etc.).

Also, sometimes correspondence with the lender will disclose that the lender agreed to do certain things, and has not done so; this can provide leverage to the borrower.

Basically, a business and legal review of the property and the loan documents should be done to fix any potential defaults or similar problems the borrower can fix (such as a failure to deliver required information that could trigger a default) and to develop leverage.  That allows the borrower to make a proposal reflecting a practical solution to the problems facing the property that is likely to be accepted by the lender.

Maintenance and waste. Early in a workout, a key issue for borrower/owners will be to make sure that the property is not wasting (generally having its value significantly diminished by lack of care).

Specifically, borrowers should assess and confirm that the condition of the property doesn’t deteriorate to where it triggers covenant breaches that make it more likely the lender will foreclose rather than doing a workout.

Also, it’s fairly common for “non-recourse” loans to have a carve-out, reimposing personal liability, for some grave defaults often including significant waste.  In such cases, it’s in the borrower’s  interest not to risk personal liability by letting the improvements start to fall apart.

Insurance coverages. Financed owners should check their casualty and liability insurance coverage for the property, to confirm that adequate coverage is in place; premiums are paid;  and all needed policies are up to date, in force, and sufficient to satisfy any loan covenants about mandatory minimum coverage.

Other areas of personal or pass-through liability. Another set of issues, where the borrower should analyze the situation and try to get ahead of the game, is any other loan document clauses that give the lender direct right against assets beyond the property itself … like the borrower’s principal (if the borrower is a corporation, LLC or other entity) or any guarantors.

At the outset of a possible workout, a borrower should carefully check whether:

  • There is an unfulfilled capital contribution obligation, a possibility of future mandatory capital calls.
  • There is an argument that the property’s ownership vehicle is undercapitalized and can be ignored (sometimes called “veil-piercing”), and liabilities passed through to the next level of ownership.
  • There is personal liability for real estate taxes.
  • There is a guaranty (or arrangement that amounts to a guaranty) that can be called.
  • The legal fees incurred by one party in a default or workout must be reimbursed by, or can be demanded from, the other side.
  • If an investor and developer are in partnership (or similar arrangement), what further calls or liability can be placed on the investor.
  • Officers, directors or partners have personal liability for actions taken or not taken … and whether there is directors and officers insurance in place to address those risks.
  • What exactly has been granted as collateral for the loan?  There may be omissions that the lender will wish to see corrected.  A borrower can sometimes agree to correct such omissions in order to negotiate for concessions it needs to work out the loan and return the project to profitability.

Only a thorough legal review up front by experienced local real estate workouts counsel will give the borrower the understanding of its situation and potential liability that will allow it to do a thorough business review and to then understand what the best possible outcome is — and negotiate a workout that moves as much in that direction as possible under the circumstances.

More on workouts from the lender side to follow, and a new thread shortly.  If you have ideas for topics to be addressed, questions, concerns, agreement/disagreement or other comments, just let me know.

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Business Lines Of Credit In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

The Top 10 Financial Crises in World Economic History

Top Ten Financial Crises In World Economic

History

by Q.AB. on July 14, 2009

in Bankruptcy, Banks, Investments, Macro-Economics, Stock Markets, real estate

If we look into history of different countries we will find that different countries faced the financial crises at different times. As the world is facing now financial crisis now also, the question comes in mind that who are those who run this finance horse, what are the reasons which leads to financial crises? Or is there is someone who is holding all the strings and keep them pulling? So many questions come in mind when mind starts thinking about it.crisis-recession-global-financial

Well I had searched about this and compiled these ten nasty crises. Check out these ten dramatic crises.

1 – Argentine economic crisis (1999 – 2002)

Argentinean economy was destabilized in 1980s when Latin American Crisis struck it. Argentine was an import dependent country where people usually convert their peso into dollars to feel secure. The high inflation rate leads its currency to lose the confidence and adding oil to fire the government that time spent generously on itself while ignoring the country’s crumbling industrial infrastructure.

Mexico and Brazil were the major trade partners of the Argentine in 1980s both countries suffered the economic crises which spread out in Latin America. Brazil’s currency was devalued in 1999 that damaged a lot Argentinean exports and adding fuel to fire the dollar was revalued giving a harsh blow to Argentinean Peso.

Till 1999 the country was having 3rd consistent year of economic decline but the government haven’t devalued the peso, which made the crisis worse. In such conditions the investors ran on banks for dollars to send abroad for safety. Meanwhile the government freezes everyone’s bank accounts. This step of the government raised violence amongst citizens and protests through out country were started. The government was collapsed in 2001. While in crisis the people were bartering for goods because lack of cash, many people eked out a living by scavenging cardboard for recycling plants.

The new government 1st tried to setup a third currency between dollar and peso but that failed. Then it instructed the banks to convert all dollars into pesos. That step worked and peso was lead to diminish in value. Because of that exports got higher and in meanwhile the government tightened its tax policies, improves social welfare, encourages business growth and put the reserve dollars up for sale in market. The country got the surplus trade because of its agricultural products anyhow its still struggling with inflation.

Lesson

Freezing bank accounts leads the crises to get worst. It can’t be a smart step to tackle the crisis.

2 – Russian Financial Crisis (1998)

The Russian government in 1993 introduced inflation-free short-term treasury bills known as GKOs to finance the country’s deficit. GKOs were traded on currency exchanges. Most of it was state owning while only 1/3 of funding came from foreign speculators who were attracted by high interest rates. Like a classic Ponzi scheme the government used proceeds from sales of new GKOs to payoff interest on matured bills.

To raise the capital the government increased GKOs interest rates up to 150% in June 1997. GKO interest payments included more than half of the federal government’s revenue by beginning of 1998, which made them large source of revenue.

In meantime the government was having due wages about $ 12.5 billion to its workers and on other side they were getting more money from GKOs than from taxes. Investors lost confidence in the Russian government when they looked on the financial facts and in result they started selling Russian securities and rubles. To stabilize the ruble the Central Bank spent almost $27 billion of its United States dollar reserves but that haven’t succeeded.

The Russian market was collapsed in 1998. Investors were afraid about the devaluation of the ruble and a debt default that caused the market to drop down 65% in one day. In result the major banks were closed and inflation rate got high. It also eradicated the nascent middle class by eating through people’s bank savings.

The government reduced its funds for social and municipal services and luckily after 1999 the oil prices got high which help a lot for a quick recovery.

Lesson

Ponzi scheme always ends up being much more expensive on long run.

3 – Asian Financial Crisis (1997 – 1999)

South East Asia was a hot international investment destination during 1997-1999. The high short-term interest rates of ASEAN countries given foreign investors favorable rates that made the fluent capital flow of in the region.

In the early 1990sthe growth rates were so high as 12% of GDP, and assets prices were increased also, leading analysts refers it as a remarkable thing as “Asian Tigers” and “Asian Economic Miracle”.

In meantime Thailand, South Korea and Indonesia were having huge deficits for that these countries borrowed quite a bit of money externally keeping their own interest rates fixed which at end lead them to damage in foreign markets.

In early 1990s foreign investors turned out from Asia as higher U.S, interest rates made dollar value high, this affected South East Asia’s exports as their currencies were pegged with the U.S. dollar, so in result they lost their exports competitiveness. By the beginning of 1996 South East Asian exports were slowed down, at least it was fueled by China’s increased competitiveness in the export market.

What were the causes of that crisis? Some say that it was because of the policies leading to large amounts of credit pushing up asset prices which collapsed then which lead to a massive debt defaults (kind of like the sub prime crisis).

The foreign investors got the infectious fear so they pulled out their investments. To hold the region attractive for foreign investors ASEAN governments pulled up their interest rates and bought up excess domestic money using foreign reserves. Which lead the government’s central banks run short of foreign reserves and on other hand capital was still flying out from the region.

Thailand’s government floated the bath in 1997 to engage the Asian Financial Crisis. Regional currencies depreciated making liabilities in terms of foreign currency more expensive in domestic terms. It melted down the whole economic sectors and people felt into poverty. Stock markets crashed down and currencies devalued. That led to the political destabilization with so many executive resignations and increase in extremist groups.

The International Monetary Fund made bailout packages stating removal of faults in exchange for debt defaults. In these reforms government expenses were cut down, allowing banks to fail, raising interest rates and becoming more transparent.

So far the results of the IMF’s actions are doubtful for reaction against powerful international NGOs that continues today. According to some analysts Asian crisis had also contributed to the recent United States housing bubble.

Lesson

In crisis if rich people interfere offering their money in exchange for an agenda that not for sure always their agenda will work or will be having any useful results. Financial meltdowns can happen with blink of an eye.

4 – The dot-com bubble (1995 – 2000)

A new type business came out into view in the mid-1990s, The .com, a company based on the Web or servicing the internet, its people and its technology. In beginning when dot com stock values shot skyward venture capitalists  started all together to finance Internet startups.

As there was no certain business plan of dot com that can stop many VCs from investing in it. While investors and startup executives thought that the .com would gain the attention of people they will get back the reward for their investments.

Speculators crawled in making a market full of wildly overvalued startups, spending so much on gigantic publicity campaigns followed. dot com burned through their VC money with hope that it will come back soon. Day trading became relatively common way to make fast money.

Though the government hasn’t paid attention to .com startups or speculation, its policies and timing mightily contributed to a loss of confidence. Between 1999-2000 interest rates were raise six times to prevail the economy and in meantime a flurry of government investigations stalled corrupt business practices.

For example as the NASDAQ began its slide, Microsoft was declared a monopoly. Main telecommunication companies like MCI Worldcom was fall in heavy debt and management scandals. Regulators put the financial industry under fire for misleading investors during the .com boom and famous Enron was collapsed when the investigators found out an accounting scandal.

In 2002 the Sarbanes-Oxely Act was passed out having unyielding transparency and accountability standards for public companies.

Lesson

The market always welcomes new technology but on long run it become harsh giving you a hard blow of losing assets.

5 – The Japanese asset price bubble (1986-1990)

Japan’s domestic policies after World War II urged people to save money. People deposited more of their savings into banks, which made it easier for companies to take out loans and lines of credit.

By using their lines of credit Japanese companies invested in capital resources, which made them capable of making more goods than international competitors.  Japan had provided high quality products on reasonable prices and its products high demands in world lead it to become a major economic power in world.

The yen was appreciated and investors made good money off financial markets. Majority of people used easy credit to make property and homes making a speculative real estate bubble. Because of that the real estate prices gone skyward as 1 square foot rate of property in Tokyo was selling at $139,000. Stocks prices were having no limits in rising up, because of reinvestment the economy expanded more. In December 1989 the Nikkei reached all time high of 38,957.44. But in early 1990s Japan’s bubble started to sink. But that haven’t happened in flash of time that happened slowly, stock and real estate values decreased heading to Japan’s “lost decade”. People pulled out their investments and started investing out of Japan because of that Japanese companies lost some advantages of their competitiveness internationally. Low consumption rates coupled with lower output and employment meant steady deflation.

Though the government lower the interest rates to practically nothing that haven’t encourage Japanese people to put money in the banks. The government subsidized banks and businesses at extreme end of failure, supporting up the zombie organizations with little visible benefit to the economy. Finally in 2003 the Nikkei started to climb again.

Lesson

Surely bubbles look wonderful while growing but when they sink, as they have to sink they pulls back the economy more than a decade.

6 – Wall Street Crash of 1929

Hundreds of thousands investors contributed to a speculative bubble in the stock market in the late of 1920s. So many taken debts to purchase stock and in result more than $8.5 billion in debt throughout the nation and that was a lot bigger amount than circulation amount at that time.

The market turned bearish on October 24, 1929 making investors panicked that caused a massive sell off that tanked the stock markets and that also played major role to the Great Depression of the 1930s.

To encourage people and gain back their confidence the Rockefeller family and the heads of major banks bought large quantities of stock but this move haven’t worked. So in result during week the week of October 24, the market lost $30 billion, which was more than the amount, which United States had spent on World War I. That stock market crash caused businesses closed, massive layoffs and immense bankruptcies. An international run on dollar resulted in increased interest rates, driving out around 4,000 lenders.

Congress passed the Glass-Steagall Act of 1933 after an investigation that mandated a separation between investment and commercial banks with believe that it would prevent another dramatic panic sale. It didn’t the Dow fell 22.6% in 1987 but to date the Great Depression that followed the 1929 crash hasn’t been repeated.

Lesson

According to many scholars 1929 crash didn’t cause the Great Depression but certainly contributed to make it more severe and public panic only made the situation worst more.

7 – Tulip Mania (The Netherlands, 1637)

The 1st speculative bubble that is not about property or companies that’s about tulip bulbs. Turkey to Europe introduced tulips in the mid-1500s; people in the Netherlands grew especially fond of them seeing them as status symbol.

A certain virus, which develops amazing colors, flames and lines on their petals. Virus infected tulips got so many varieties and those were given beautiful names and were greatly desired by the population. Tulip with the virus takes 12 years to grow from seed to flower so in order to save these extravagant tulips a market developed around their trade.

To have guarantee of having tulips at the end of season traders signed medieval futures contracts. On other hand professional growers were willing to pay more and more for popular flowers. There were some kinds of tulips that were having more price than people’s annual income.

In 1630s speculators, lured by tales of sudden riches, flooded the market. The Dutch government banned short selling future contracts so many times in 1600s to control the obsession and also created a formal market for purchasing and selling of tulip futures for that traders have to pay a little fee for each trade.

Bulb prices kept on increasing until 1637 and tulip traders then were no longer able to sell bulbs at inflated prices because of that demand fallen down that made price to decline. The tulip futures trade stopped.

Tulip investors gone for help to the government and government declared future contracts invalid with a 10% fee. Many future holders voided their contracts and bulb sellers were stuck with their inventory.

Lesson

Not even in case of tulip bulb future but also in other cases when people are convinced that they can become rich quickly they often lose their minds.

8 – Northern Rock Bailout (Great Britain, 2007)

Martin Upton Financial services expert describes that when the vast numbers of mortgage holders with bad credit in the United States defaulted on their loans, financial institutions around the world became cautious about lending one another money. Anyhow no one was sure how much money their exposure to the US sub prime crisis would lose them.

So it resulted crawling down liquidity around the world and interest rates climbing up. The Bank of England hasn’t flooded the markets with billions of dollars unlike the United States. For the most part banks were depending on themselves.

Northern Rock’s profitable mortgage business (consist of 40% company’s assets), was located in a company in the Channel Islands called Granite.

Granite a charitable trust that was set up to benefit a Down’s Syndrome charity. Though it never donated anything from its 45 billions pounds assets for charity while it was acting as a securitization vehicle selling assets-backed securities to investors and replacing mortgages with new ones.

It was hard for Northern Rock to cover its money market borrowings when global liquidity dried up so it asked the Bank of England for money in 2007 and then it was given emergency financial support by Tripartite Authority.

When the news came out the customers started withdrawing their money quickly and almost 1 billion pounds that is 5% of Northern Rock’s total bank deposits were withdrawn in one day and 2 billion pounds more by September 17 which the bank shares fell down 72%.

It was slowed down after the announcement by the British Government that it would guarantee all Northern Rock deposits. Northern Rock sold out its lifetime home equity release mortgage portfolio to JP Morgan in January 2008; it gained 2.2 billion pounds from that which it paid off part of its Bank of England loan.

In February it was nationalized when government announced about adding Northern Rock’s liabilities to the country’s national debt, now holding at 45% of GDP.

The report about Northern Rock crisis released in March 2008 shown weak government supervision during its crisis but mainly its senior management was blamed for the collapse.

Lesson

A business can never survive by repacking debt as assets in a fake nonprofit. That only works when economy is going smoothly.

9 – United States Savings and Loan Crisis (1980s-1990s)

As described by a policy expert Bert Ely the causes behind this mess were old and incompetent policies. Its cost was estimated $160.1 billion from which $124.6 billion was taxpayer money and 747 United states savings and loan associations.

The government picked S&L’s that was funded by short-term deposits to finance long term for fixed rate mortgages. Whenever short-term interest rates get high, S&Ls lose money on their long-term mortgages making negative affect to mortgage interest rates.

The S&L industry regulated a Depression area limiting the interest rates that banks can pay to their deposits to keep interest costs under control, S&L used funds from savers to cover home buyers and earning interest income on ten to twenty year old fixed rate mortgages, Ely calls that “maturity mismatching”.

S&L rates were gone below market value because of restrictions on interest rates. While Fannie Mae and Freddie Mac kept interest rates low for home buyers, S&Ls profit limited and aside from that there was another reason also that they relied heavily on maturity mismatching to make a profit.

The S&L industry collapsed because the interest rates were gone so high when the Chairman of the Fed Paul Volcker restricted the dollar growth in the early ‘80s to tackle stagflation.

Fannie Mae and Freddie Mac were given responsibility to support mortgages for needy families. The Financial Institutions Reform, recovery and Enforcement Act (1989) forming two new supervision agencies, a new insurance fund for thrifts and trust corporation to get rid of the zombie institutions that are taken over by regulators.

Lesson

Unessential restrictions implemented by government on bank’s ability to make money that makes banks to work around to keep their bottom line working. And when any change is made in government policy that blows the lid off the bank’s work around and the whole system collapses.

10 – Swedish Financial Crisis (1990-1994)

Sweden removed the regulations from its credit market making way to a commercial property speculation bubble. This hope for having more profits were burst between 1990-94 giving heavy losses to 90% of the banking sector which includes all major banks of Sweden.

The government bailed out the banks and nationalized two of them, which were looking to survive the crisis. It also extended a guarantee to those bank’s creditors, which kept consumer confidence up. That let the banks financially ruined by the crisis fail. Eventually the government took on bad assets worth about $9.9 billion, it recovered the losses through dividends and reselling assets from the nationalized banks. Stockholders were left empty handed, but taxpayers didn’t have to foot the bailout bill.

Lesson

The investors who invest in the stock markets are able to bear the losses. Taxpayers can’t be punished for someone else’s oversights. Its better to save taxpayers rather than stockholders.

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In The News Preparation Referral Partners REO

REO FDIC Inventory July 22, 2009

This list is for your use exclusively and may not be circulated or distributed without written permission of Administrator.

This is the July 22nd, 2009 summary of available packages for sale. All sold packages are noted and will be removed next week.

Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.
Make an offer regardless of the sales price or asking price!

Real Estate Owned by the Bank (REO)
Make an offer in the form or a “Letter of Intent” and a Non-circumvention and Non-Disclosure agreement will be sent to you (we provide the LOI and funds verification template for you), also be prepared to provide Soft Proof of funds to the bank or seller when they call you. See attached preferred LOI and authorization format. All Letters of Intent must be signed by the buyer. No assignments are allowed.

Other documents to presented with your LOI
1) a Resume of the Buyer to present to Seller
2) a Company Biography

Make an offer regardless of the sales price or asking price!

PERFORMING NOTES
Performing Note packages are available for purchase by submitting a “Letter of Interest” which must include at a minimum the name of the buyer and their attorneys that will handle proof of fund. The letters must be signed by the buyer. No assignments are allowed in contract.
The Buyer and the Buyers representative will receive from our legal office a NCND which must be returned to us signed by the buyer and all paper work should be made out to Continental Funding Company.

Other documents to presented with your LOI
1) a Resume of the Buyer to present to Seller
2) a Company Biography

PACKAGE # 5-4j – SOLD to CREDITOR–7/22/09
REO unfinished Condos Package with 10K commercial leased 20+ years
Foreclosure underway 60 days to clear
80+ SFR all in downtown Los Angeles, CA
Units are 800 to 1500 square feet
BPO to be determined in escrow (make an offer)
Make offer Plus 3 % in fees

PACKAGE # 5-6 – –AVAILABLE- 7/17/09
Performing Hotel 1st Trust Deeds for sale both borrowers
1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910 – Available
Available for 81 cents on the dollar.
To review tape:
Make an offer in LOI for and include contract POF information.

PACKAGE # 5-26 – STATUS –AVAILABLE 7/17/09
Performing Notes for sale Arkansas
Hospital Performing
Payers credit over 700 FICO
Remaining Balance $107,000
Make offer

PACKAGE # 5-27 – STATUS –AVAILABLE 7/17/09
Performing Notes for sale Washington DC – 83,411 Square Feet
south of Class B Washington DC Suburban Office Property – 83,411 SF
$7.8M Owners valuation – Property is 100% occupied
Seller is willing to take 15% off
ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

PACKAGE # 5-28 – STATUS – AVAILABLE 7/17/09
REO SFR LAND package
233 SFR Lots located in various states FL, NC,SC,
Owner BPO =$6.1.million
Make offer Plus 3 % in fees

PACKAGE # 5-29 – STATUS – AVAILABLE 7/17/09
REO Commercial LAND package
18 Lots located in various states FL, NC,SC,
4 commercial, 3 office buildings, 3 Convenience stores
Owner BPO =$71.3.million
Make offer Plus 3 % in fees

PACKAGE # 5-32 – STATUS – AVAILABLE 7/17/09
REO COMMERCIAL Orlando, FL
5K Sq.ft., 1+ AC Historic 2 Story
BPO = $4.9 million
Asking = $3.3 Million

PACKAGE # 5-33 – STATUS – AVAILABLE 7/17/09
REO COMMERCIAL Spartanberg, SC
30K Sq,ft. Hotel
BPO = $20 million
Asking = 18.00 Million

PACKAGE # 5-34 – STATUS – PENDING 7/17/09
REO COMMERCIAL Columbia, SC
7+K Sq.ft. Restaurant
BPO = $1.7 million
Asking = $1.15 Million
Fees included

PACKAGE # 5-35 – STATUS – AVAILABLE 7/17/09
REO COMMERCIAL Tampa, FL
16K Sq.ft., Office Building
BPO = $1.0 million
Asking = $690K
Fees included

PACKAGE # 5-37 – STATUS – PENDING 7/17/09
REO COMMERCIAL , NC
2,8K Sq.FT. Convenience store
BPO= $525K
Asking = $ 357K
Fees included

PACKAGE # 5-38 – STATUS – available 7/17/09
REO COMMERCIAL, GA, 4.3K Sq.ft. commercial building
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-39 – STATUS – PENDING 7/17/09
REO COMMERCIAL, SC, 2.3K Sq.ft. convenience store
BPO= $350K
Asking = $ 231K
Fees Included

PACKAGE # 5-40 – STATUS – available 7/17/09
REO COMMERCIAL , NC, .8 AC. Convenience store
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-41 – STATUS – available 7/17/09
REO COMMERCIAL , FL, 4.3K Sq.ft. Office building
BPO = $380K
Asking $258K
Fees Included

PACKAGE # 5-42 – STATUS – updated 7/17/09
REO COMMERCIAL , NC, 2.8K Sq.ft. Convenience store
BPO= $274K
Asking $191K
Fees Included

PACKAGE # 5-43 – STATUS – available 7/17/09
REO COMMERCIAL , SC, 5K Sq. Ft. Restaurant
BPO = 350K
Asking = $228K
Fees Included

PACKAGE # 5-44 – STATUS – available 7/17/09
REO COMMERCIAL , NC, 1.2K Sq. Ft. Office
BPO = $220K
Asking =$149K
Fees Included

PACKAGE # 5-50 – STATUS – available 7/17/09
14 Waterfront Condos and boat lifts. The project is 85%, FL
BPO finished in 2008 = $7.5 million
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-55 – STATUS – PENDING 7/10/09
REO state,
22 Office buildings, motels, warehouse, retail other
BPO = $ 39.0mm
Price = $ 13.2mm
Make offer add 3.0% BPO fees in price

PACKAGE # 6-1 – STATUS – PENDING 7/17/09
Non Performing Notes
14 office and retail New Units. 20,000+ sq.ft., FL
BPO fto be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-2 – STATUS – available 7/17/09
Non Performing Notes
9 Condos 1,600+ Sq.Ft., FL
BPO to be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-3 – STATUS – nonexclusive 7/17/09
Non Performing Notes
150+ room Hotel , FL
Recently Remodeled
BPO to be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-4 – STATUS – available 7/17/09
Non Performing Notes
3 Condos 2,000+ Sq.Ft., FL
Recently Remodeled
BPO estimated $340,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-5 – STATUS – Updated 7/17/09
Non Performing Notes
75+ unit Apartment building FL
BPO estimated $7,550,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-8 – STATUS – available 7/17/09
Non Performing Notes
13 Condos (1,100+ Sq.Ft). FL
BPO estimated $1,490,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-13 – STATUS – PENDING 7/17/09
Non Performing Notes
2 Building office complex (3,340+ Sq.Ft). FL
BPO estimated $524,900
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-14 – STATUS – SOLD 7/17/09
Non Performing Notes
5 Condos 2/2 (950 Sq.Ft.) FL
BPO estimated $400,900
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-15 – STATUS – SOLD 7/17/09
Non Performing Notes
20 units in 3 building FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-16 – STATUS – SOLD 7/17/09
Non Performing Notes
1 Office condo 2,500+ Sq.Ft. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-17 – STATUS – available 7/17/09
Non Performing Notes
1 SFR (2300+ Sq.Ft.) FL
BPO estimated $575,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-18 – STATUS – SOLD 7/17/09
Non Performing Notes
1 Office condo 2,500+ Sq.Ft. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-19 – STATUS – PENDING 7/17/09
Non Performing Notes
1 Townhome (F0+ Sq.Ft.) FL
BPO estimated $375,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-20 – STATUS – available 7/17/09
Non Performing Notes
1 Townhome (2500+ Sq.Ft.) FL
BPO to be determined in escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-21 – STATUS – available 7/17/09
Non Performing Notes
1 SFR (2200+ Sq.Ft.) FL
BPO = 290K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-22 – STATUS – available 7/17/09
Non Performing Notes
1 SFR (2400+ Sq.Ft.) FL
BPO = 200K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-23 – STATUS – available 7/17/09
Non Performing Notes
1 Commercial Building (1600+ Sq.Ft.) FL
BPO = 270K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-25 – STATUS – SOLD 7/20/09
Non Performing Notes
44 Townhomes with 2 car Garage (1800+ Sq.Ft.) CA
Loan Balance 14.1MM
Status: 95% Complete
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer .68 cents on the BPO and include 3% BPO fees

PACKAGE # 6-35 – STATUS – Available 7/17/09
Performing Note Medical Center Pool,
1 notes secured by (1) Medical Center, State AZ
Loan Balance = $19.0 mm
Appraised Property collateral Price = $26.2 mm
Make an offer include 3.0% fees

PACKAGE # 6-37 – STATUS – Available 7/17/09
Performing Note Commercial Pool- Ohio
1 notes secured by (2) apartment complexes (245+ units)
Loan Balance = $9.26 mm
Appraised Property collateral Price = $14.56 mm
Make an offer 82% plus 3.0% fees

PACKAGE # 6-41 – STATUS – Available 7/17/09
Non-Performing (Foreclosure) in progress, US Territory
Hotel (Flagged) (425+) Rooms with conference center
Non performing Debt Facility Via Bank
Financing is available with 11 million down good terms available
08 Storm damaged to be repaired 5 million required
BPO = $61.7 million
Price= $26.5 million
Make an offer 43% of BPO includes all fees

PACKAGE # 6-42 – STATUS – Available 7/17/09
REO HOTEL 155+ rooms (Flagged) State: FL Near Disneyworld
Remodeled in 2008
BPO = 7.5 mm
Price = 5.9mm Fees included in sales price

PACKAGE # 6-43 – STATUS – Available 7/17/09
Non-Performing Note SFR Pool,
12 notes, State CA, FL, GA, WI
Loan Balance = $2.4 mm
Sales Price = $1.16 mm
Make an offer fees included in sales price

PACKAGE # 6-45 – STATUS – Back on the Market 7/17/09
Performing Note Pool,
2 notes secured by Long Beach CA. 4-plex and duplex
Loan Balance = $600K
Sale Price = $525K
Make an offer include 3.0% fees

PACKAGE # 6-46 – STATUS – Available 7/20/09
Performing Note Pool,
1 note secured 1st deed Hotel Kingsland GA
Loan Balance = $3.1mm
Due in 2017
Make an offer include 3.0% fees

PACKAGE # 6-47 – STATUS – Available 7/17/09
REO Land,
101 Parcels, FL, SC, NC
134 Residential Lots
338+ Acres
Appraised = 18.2mm
BPO = $6.1mm
Sales Price = 2.62mm
Make an offer include 3.0% fees

PACKAGE # 6-52 – STATUS – SOLD 7/17/09
REO state, FL
22 Office buildings, motels, warehouse, retail other
BPO = $ 39.0mm
Price = $ 13.2mm
Make offer add 3.0% BPO fees in price

PACKAGE # 6-55 – STATUS – Duplicate 7/17/09

N
PACKAGE # 6-56 – STATUS – Amended 7/17/09
REO state, New York – Brooklyn
9 Apartment buildings 430+ units
BPO = $ 95.0mm
Price = $ 75.3mm
Make offer add 3.0% fees in price

PACKAGE # 6-58 – STATUS – Available 7/17/09
Non-Performing Notes (SFR)
164 Nation Wide SFR
BPO = $ 13.12 mm
Price = $ 5.65 mm
BPO Commissions fees in price

PACKAGE # 6-62 – STATUS –Available 7/17/09
LAND – Retail Pads
Cities: TX (1), Houston
BPO estimate: $12.9mm
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-64 – STATUS –AVAILABLE 7/17/09
LAND – SFR Land for 70 Pads 310 acres
Cities: CA (1), Corona
BPO estimate: $12.6mm
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-65 – STATUS –Available 7/17/09
SFR – Kukio
Cities: HI (1), Kona
BPO estimate: $5.9mm
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-66 – STATUS –Available 7/17/09
SFR – 5200 Sq. FT. 5b/5.5b/6.5ac
Cities: CA (1), Saratoga
BPO estimate: $2.4mm
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-67 – STATUS –Available 7/17/09
SFR – Penthouse Lofts (5) 85% finished 5k sq.ft. each
Cities: NV (1), Lake Las Vegas
BPO estimate: $6.9 mm
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-68 – STATUS –Available 7/17/09
SFR – Office 30k sq.ft. include retails
Cities: CA (1), San Jose
BPO estimate: $8.9 mm
Loan: $5.0MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-70 – STATUS –SOLD 7/17/09
SFR – Constr. Condos 15K sq.ft. include 6 units
Cities: CA (1), Oakland
BPO estimate: $3.7 mm
Loan: $2.7MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-71 – STATUS –Available 7/17/09
Commercial – Multi-tenant retail & Office 2 bldg. 12.5K sq.ft.
Cities: CA (1), San Jose
BPO estimate: $6.1 mm
Loan: $4.0MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-72 – STATUS –SOLD 7/17/09
Commercial – Multi-tenant retail 3 bldg. 34.7K sq.ft.
Cities: CA (1), Sacramento
BPO estimate: $8.8 mm
Loan: $6.48MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-73 – SOLD – 7/17/09
Com. Constr 100% – Retail 11 unit bldg. 12.7K sq.ft.
Cities: CA (1), Sacramento
BPO estimate: $4.2 mm
Loan: $2.18MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-74 – STATUS –Available 7/17/09
SFR Constr 38% – complete 4.4K sq.ft.
Cities: CA (1), Bel Air
BPO estimate: $2.6 mm
Loan: 1.04MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-75 – STATUS –SOLD 7/17/09
SFR Constr 31% – complete 3.8K sq.ft.
Cities: CA (1), Bel Air
BPO estimate: $2.7 mm
Loan: .9MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-76 – STATUS –AVAILABLE 7/17/09
Com. Constr – Retail 29 unit 3 bldg. 34.2K sq.ft.
Cities: CA (1), Santa Rosa
BPO estimate: $8.2 mm
Loan: 4.9MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-77 – STATUS –SOLD 7/17/09
LAND – 57 acres zoned RC for 17 acres development.
Cities: CA (1), Riverside
BPO estimate: $13.6 mm
Loan: 10.9MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-78 – STATUS –SOLD 7/17/09
Com. Constr – 36 acres Zoned (M-2) 33 Industrial 3 Retail lots
Cities: NV (1), North Las Vegas
BPO estimate: $25.4 mm
Loan: 15.98MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-79 – STATUS –PENDING 7/17/09
Com. Constr BK – 1.02 acres Zoned (A(PD)) 15 units (TH)
Cities: CA (1), San Jose
BPO estimate: $3.3 mm
Loan: 2.73MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-80 – STATUS –Available 7/17/09
Com. Constr BK – Retail 2.76 acres 2 bldg. 30.0K sq.ft.
Cities: CA (1), Tracy
BPO estimate: $15.5 M
Loan: 7.34M
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-81 – STATUS –Available 7/17/09
Com. Constr BK (14%) – 2.2 acres Zoned (RS) + 8 SFR included
Cities: CA (1), Hayward
BPO estimate: $3.57 M
Loan: 3.0M
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-82 – STATUS SOLD 7/17/09
Com. Constr – 2 bldg. 63.0K sq.ft. + 20K sq.ft. retail
Cities: CA (1), Morgan Hill
BPO estimate: $ 1.3 M
Loan: .7 M
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-83 – STATUS –SOLD 7/17/09
SFR Constr – 10 Units 3b/2.5b 1,800+ sq.ft.
Cities: CA (1), Los Angeles
BPO estimate: $ 6.2 mm
Loan: 4.43 MM
Price: Make an offer and include 3% BPO fees

PACKAGE # 6-84 – STATUS –Available 7/17/09
SFR. Constr – 2 bldg. 350 units 730.0K sq.ft. condos retail
Cities: FL (1), Miami
BPO estimate: $ TBD mm
Loan: TBD MM
Price: Exclusive Bank Sale – Must submit LOI with SPOF 250 mm contact information
Price: Make an offer include 3% BPO fees

PACKAGE # 6-85 – STATUS –Available 7/17/09
SFR Non-performing Notes – 164 SFR
States: (TX,IL,OH,FL,GA,MO,WI,NY,MI,other)
Loan Bal estimate: $ 13.1 mm
Price: Make an offer and include 4% BPO fees

PACKAGE # 6-86 – STATUS –Available 7/17/09
SFR Non-performing Notes –
100 SFR
States: (OH,MI,MO,WI,IN,IL,other)
Loan Bal estimate: $ 6.3 mm
Price: Make an offer and include 4% BPO fees

PACKAGE # 7-01 – STATUS –SOLD 7/17/09
SFR – REO – 56 Townhomes, SFE,ten-plex,4-plex,duplex
States: (AZ)
BPO: $ 4.3 mm
Price $3.1 all fees included

PACKAGE # 7-2 – STATUS – Amended 7/17/09
REO state, Nation Wide
810 SFR
BPO = $ TBD
Price = $ 9.2mm
all commissions included

PACKAGE # 7-3 – STATUS – Amended 7/17/09
REO state, Nation Wide
31 SFR
BPO = $ TBD
Price = $ 143,000.00
all commissions included

PACKAGE # 7-4 – STATUS –Available 7/17/09
SFR Non-performing Notes –
34 SFR
States: (GA,FL,IL,OH,MS,PA, other)
BPO = ;
TBD
Price: $204,000 all Fees included

PACKAGE # 7-5 – REMOVED –Available 7/17/09
SFR Non-performing Notes –

PACKAGE # 7-6 – STATUS –Available 7/17/09
HOTEL Non-performing Note –
380+ Rooms
ADR 500.00
States: (MI)
Loan Balance = 10M
TBD
Price: $2,12,000

PACKAGE # 7-7 – STATUS Available 7/17/09
REO state, CA,GA, IL, IN, AZ, AR, FL, MO, MS, NJ,NY,OK,PA
715 SFR
BPO = To be determined in Escrow
Price = $ 8.2M
% fees in price

PACKAGE # 7-8 – STATUS Available Non Exclusive 7/20/09
REO state, MI
167 SFR
BPO = To be determined in Escrow
Price = $399,000
% fees in price

PACKAGE # 7-9 – STATUS –Available 7/20/09
Com. Constr Land loans- 33 Performing Notes and 99 Non-Performing Notes
TOTAL notes # 132
States: AZ, CA
Loan Balance: $668.0M
Original Loan: $900.0M
Price: $421.0M all fees included

PACKAGE # 7-10– DUPLICATE –Available 7/20/09

PACKAGE # 7-11– STATUS –Available 7/20/09
PRIVATE SALE (will go fast)
NYNY Hotel
500 PLUS rooms
States: NYNY
Price: $CALL

PACKAGE # 7-12 – STATUS – Available 7/20/09
PRIVATE SALE
state, FL, GA, IN,KY,MO,MI,OH, PA, SC,TN
27,000 Apartments
BPO = $ 1.6B
Loans =$ 1.35B
Price = $ 1.4B
all commissions included

PACKAGE # 7-13 – STATUS – Available 7/20/09
PRIVATE SALE
state, PA
840 Apartments
BPO = $ 20.7M
Price = $ 10.98M
all commissions included

PACKAGE # 7-14 – STATUS – Available 7/20/09
REO state, North Eastern
11 Hotels (no Flags or deflagged)
States:AZ,MN,CA
BPO = $ 70.1M
Price = $ 26.0M
all commissions included

PACKAGE # 7-15 – STATUS –Available 7/20/09
Non Performing Notes
5 SFRs in various states of completion 4 lots included
Cities: FL (5), Myrtle Beach
BPO estimate: $7.3M
Price: $3.9M
Price: Make an offer and include 3% BPO fees

PACKAGE # 7-16 – STATUS –Available 7/20/09
Non Performing Notes
22 Townhomes with 25 boat docks
Cities: FL (22), Fort Lauderdale
BPO estimate: $13.3M
Price: $7.05MM
Price: Includes all fees

PACKAGE # 7-17 – STATUS –Available 7/20/09
Non Performing Notes (Subdivision)
10 SFR with 10+ building lots
Cities: GA (11), Covington
BPO estimate: $2.0M
Price: $3.9M all fees included

PACKAGE # 7-18 – STATUS –Available 7/20/09
Non Performing Notes (Subdivision)
19 SFR Finished 25 Unfinished with 30+ developed building lots
Cities: FL (19), Miami
BPO estimate: $9.4M
Price: $5.4M all fees included

PACKAGE # 7-19 – DUPICATE –Available 7/20/09

PACKAGE # 7-19 – STATUS –Available 7/20/09
Non Performing Notes (Subdivision)
90+ SFR Finished, 70+ developed building lots
Cities: FL (90), Palm Beach, Boca Raton
BPO estimate: $35.9M
Price: $20.4M all fees included

PACKAGE # 7-20 – STATUS –Available 7/20/09
Non Performing Notes (Apartments)
160+ Units
Cities: FL (160)
BPO estimate: $10.9M
Price: $6.5M all fees included

PACKAGE # 7-20 – STATUS –Available 7/20/09
Non Performing Notes (House)
SFR- 10,000+ Sq. ft.
Cities: FL Broward county
BPO estimate: $3.0M
Price: $1.7M all fees included

PACKAGE # 7-21 – STATUS –Available 7/20/09
Non Performing Notes (Retail, Strip center)
7+ Units
Cities: FL (7) Saint Petersburg
BPO estimate: $1.9M
Price: $820,000 all fees included

PACKAGE # 7-20 – STATUS –Available 7/20/09
Non Performing Notes (Apartments)
160+ Units
Cities: FL (160)
BPO estimate: $10.9M
Price: $6.5M all fees included

PACKAGE # 7-21 – STATUS –Available 7/20/09
REO (40 SFR and Townhomes)
Cities: AZ (40) Phoenix, Glendale, Mesa, other
BPO estimate: $ 3.16M
Price: $2.3M all fees included

PACKAGE # 7-22 – STATUS –Available 7/20/09
Non-performing (125 condos in high rise)
Cities: FL (125) Panama City
BPO estimate: $ 16.0M
Price: $10.3M all fees included

PACKAGE # 7-23 – STATUS –Available 7/20/09
Non-performing (44 condos in high rise Additional Land included for 55+ more)
Cities: FL (44) Palmetto
BPO estimate: $ 17.0M
Price: $10.6M all fees included

PACKAGE # 7-24– STATUS –Available 7/20/09
PRIVATE SALE (will go fast)
(9) Hotels (All Flagged)
1,345 rooms total
States: AZ, NM, CA, TX
Price: $106M fees included

PACKAGE # 7-25– STATUS –Available 7/20/09
Non-performing Notes (5 commercial)
(5) Office Condos, Industrial Storage
States: FL (Delray Beach)
Price: $425K fees included

PACKAGE # 7-26– STATUS –Available 7/20/09
Performing Notes (3)
(3) SFR
States: FL (Big Coppit Key)
Value: 425K
Price: $352K all fees included

PACKAGE # 7-27– STATUS –Available 7/20/09
Performing Notes (3)
(3) SFR
States: FL (Big Coppit Key)
Value: 268K
Price: $236K fees included

PACKAGE # 7-28– STATUS –Available 7/20/09
Performing Notes (1)
(1) Strip Center
States: FL (Marcos Island)
Value: 2.835M
Price: $2.409M fees included

PACKAGE # 7-29– STATUS –Available 7/20/09
Performing Notes (111)
(11) SFR
States: FL,CA,GA, WA
Value: 2.442M
Price: $2.076M fees included

PACKAGE # 7-31– STATUS –Available 7/20/09
Non-Performing Notes (New construction
Multifamily 1481 (Townhomes, condos, slips, cottages, 100% complete Apts)
(11) Project all require finishing
States: FL,SC,GA,
Value: 233.3M
Price: $135.5M fees included

PACKAGE # 7-32– STATUS –Available 7/20/09
Non-Performing Notes (New construction
Commercial (Office, Strip Centers, Golf Courses, warehouses, industrial)
(15) Project all require finishing
States: GA, SC, FL
Value: 23.5M
Price: $13.6M fees included

PACKAGE # 7-33– STATUS –Available 7/21/09
Non-Performing Notes (New construction
Sub-divisions (SFRs, High rise condos, office, land, finished lots, raw land)
(29) Project all require finishing
States: GA, FL
Value: 202.3M
Price: $97.6M fees included

PACKAGE # 7-34 – STATUS –Available 7/21/09
REO (17 SFR)
Cities: CA (17) Los Angeles, Riverside, Long Beach, Other
BPO estimate: $ 3.47M
Price: $2.13M all fees included

PACKAGE # 7-35– STATUS –Available 7/21/09
MIXED tape REO, Sub Performing, Non-Performing
(204) SFR
States: FL,NC,GA,AL
Value: 67.3M
Price: $34.5M fees included

PACKAGE # 7-36– STATUS –Available 7/21/09
Private Sale
(1) Living Facility (Pompano Beach)
States: FL
Value: TBD
Price: $8.25M fees included

PACKAGE # 7-37– STATUS –Available 7/21/09
MIXED tape REO, Sub Performing, Non-Performing
(30) SFR
States: FL,NC,GA,AL
Value: 67.3M
Price: $34.5M fees included

PACKAGE # 7-38– STATUS –Available 7/21/09
Private Sale
(1) Assisted Living (Miami Beach)
States: FL
Value: TBD
Price: $14.42M fees included

Re: Acquisition of FDIC Inventory

We have access to FDIC liquidation event properties, one of only 10 invited buyers.

We have earned this relationship through years of profitable business and only serious Buyers will be offered this opportunity.

If you want our representative to pull product for you at this event we need the required documentation from you.

A simple Letter of Intent detailing the product class and geographical area desired and absolute hard proof of funds in the amount you intend to use for the acquisition.

Section I. Your LOI (sample attached);

1. Identify the actual Buyer who will be delivering hard proof of funds.

2. Identify the product class you wish to purchase from the list below and the amount of capital you will spend on that inventory type. If you select more than one property class, identify separate capital amounts for each class.

3. Identify the Geographic location in which you wish to purchase, however reducing your take area will reduce the inventory available.

4. If you have a Buyer’s mandate or representative they must be named and the amount of fee to be paid to them disclosed.

5. The due diligence period is 14 days from inventory access to hard contract.

Section II. Property Classes;

A. Performing Commercial Notes        B. Non Performing Commercial Notes

C. Performing Residential Notes         D. Non Performing Residential Notes

E. Performing Corporate Notes           F. Non Performing Corporate Notes

G. REO Residential 1-4 Units             H. REO Multifamily 5-20

I.   REO Multifamily 20+                     J. REO Commercial/Retail

K.  REO Commercial/Office                L. REO Commercial/Industrial

M. REO Commercial Development      N. REO Residential Development

O. REO Vacant Land                         P. REO Business Hotel/Motel/Convenience

Q. Accounts Receivable                     R. Personal Property Auto/Boat/RV/Airplane

S. Personal Property Inventories         T. Mobil Home Park/RV Parks/ Recreational

Section III. Geographical Identification

A. Western States                              B. Southwest

C. Central States                                D. Northwest

E. Eastern States                               F. Northeast

G. Southeast                                      H. Southern

I. Rust Belt                                         J. Alaska, Hawaii

K. Name States in order of preference

Section IV. Required Institutional Hard Proof of Funds

A. Depository Statement in name of Buyer

B. Brokerage Account Statement in name of Buyer

C. Depository or Brokerage Name, address, phone number, Contact Name, Position and phone number (of Personal Banker, Account Manager or Corporate Counsel)*

*If you elect option C and your contact does not hard proof your funds by affidavit or method A or B no product will be pulled for you.

Section V. Procedure

A. Your LOI properly completed with signature must be received via e-mail.

B. The representative will be purchasing as a principal and it will take at least 3 days for the Inventory he acquires to be split out to the respective Buyers.

C. When the breakout is completed your package information will be forwarded to you.

D. In all purchases, there will be a 14 day Due Diligence period prior to hard contract and you do not have to close on inventory not in compliance with your LOI.

Many of you have been waiting for actual, well valued inventory to be available.

This is the best opportunity we have seen for our clients to purchase pre bid inventory on a wholesale level.

There will be no purchases made unless all the above documentation has been delivered. If you are unable to complete the list above in the given time frame please complete the documentation listed above in order to be ready for the next round.

There is no guarantee that this opportunity will occur again but should it occur, there will be very little notice. The selling prices should amaze you, the contact is direct and our representative was invited and approved by the FDIC. Time is of the essence.

Here is an example of the LOI we need:

Company Letterhead: LOI must be on

Date:  Jxxx XX, 2009

From:  Companies Name

Attn:  Joe Tufo, President: Cash Flow Specialists, Inc.

Property Type: Include all the property types interested in

Purchase price: describe property (e.g. sfr, commercial, office) then put in the range that you are willing to pay (e.g. 30-60 ltv off of unpaid balance, or BPO etc)

Then language something to the effect of –   Please provide us the data of all “bulk” trade properties available for acquisition. The outline below is a summary of what we are looking for:

1. Order Amount:

2. Property type:

3. Price Ranger per asset: e.g. homes between 100k-350k

4. property condition: no rehab, light rehab

5. LTV: range you are willing to buy

6. Occupancy :

7. Preferred Geographical Location:

8. Financing:

9. proof of funds ( reputable banking institution, contact name, and account number to verify )

We are looking to establish a long term client relationship and acquire quality properties at a volume discount.

Please contact me with any questions, concerns or comments. Thank you.

CEO

Company

Address

Numbers

–

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Business Lines Of Credit Improve Credit In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO Testimonials

Lender Testimonial

This came in Monday July 13th:

Joe,

I am glad to hear your doing fine and enjoying the vacation. I hope you will receive the answers to your prayers. I will only add this; pray without ceasing. As a lender, please keep us in mind as part of your portfolio of lenders that can assist with some of your projects.


I agree with your fee structure for clients, those that have viable projects and are serious about getting their deals funded, usually do not have a problem. It is the dreamers and schemers, as you so kindly put it, that have the issues, even the broker jokers that are clueless. Be well.

Mauricio

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In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

Workouts 101, Part 2: Borrowers’ Leverage

This post was written by Maura O’Connor an attorney with Seyfarth Shaw LLP. I have subscribed to RSS feeds with Globe Street for a long time. This article and other posts will be of great benefit to those of you who are upside-down on commercial properties. Read-On:

Last week’s post talked about some of the basic issues that often are overlooked by both sides in a problem real estate loan workout.   Many of us were in the market for the last boom & bust cycle, and simply need a quick refresher on our workout skills.

For others,  including many property managers and even some investors and lenders, this is their first serious down market, and it may take some time to adjust to the fundamentally different issues and priorities of real estate workouts in a systemic recession.

This post looks more closely at some of borrowers’ points of  leverage and opportunity in typical real estate loan workouts.

Knowing the property. Borrower/owners usually are in a far superior position to a lender in understanding what it takes to run, and profit from, the real estate and its related operating assets.  Normally, the lender looks to the owner, or his operator managers, to know how best to keep the property performing and adequately maintained.

The bottom line here is that, in an early stage workout, property owners should try to continue to be the “experts” for themselves and lenders both, and anticipate problems.  In that role, owners can offer solutions or compromises on any problem areas, and keep the momentum, forestalling the lender from considering trying to take over and bring in someone else (like a receiver).

Cash flow considerations.  In a workout, cash is king.  A smart lender will look at these issues straightaway, so as a borrower, you want to be ahead of the game here as well.

Obviously, a failure to keep up with required debt service on the loan will trigger payment defaults and is the common path to a tough workout.  But other cash issues must be kept in mind as well.

It’s entirely reasonable in a early stage workout to try to reduce operating expenditures to utterly necessary minimums.  Troubled borrowers sometimes are counseled to slow pay or shut down some nonessential items, to build a cash kitty, which might be used to reduce the secured debt and forestall enforcement or foreclosure.  However, failure to pay necessary maintenance, utilities, insurance or similar costs could trigger waste or covenant defaults.  (Shut down utilities, for for example, and you may lose fire/life safety protection, or suffer mold due to HVAC being down.)    Shorting unsecured trade creditors also might alienate them, reducing the chance, in a later bankruptcy, that this class of creditors would be friendly to the borrower and support a reorganization plan that keeps current ownership in place.

Distributions of cash to an owner or partner, even prior to default, can be problematic in a workout.  This is because bankruptcy law (and some other remedies) may give a lender, and other creditors, some rights to recall those funds later.  Any plans of a borrower/owner to make payments to owners or insiders should be carefully discussed with legal counsel once a workout or default approaches.

Intrinsic value of the property. Again, this is something a sophisticated  borrower may understand much better than the lender (even though the lender will almost certainly order an appraisal).  Remember, the lender is not necessarily expert in what makes your specific property special.  The borrower needs to highlight for the lender the unique features of the property, as well as the reasons why the borrower is the best person to run the property in a way that makes the best out of those unique features in the long run, even if the property is having difficulty in the short run.

There are more borrower points of leverage to come.  Look for another post early next week to find them.


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In The News Preparation Referral Partners REO

How To Access FDIC REO Inventory

Near-term opportunities lie in acquiring distressed debt because it will be some time before the opportunities to acquire discounted properties will materialize.

Savvy buyers are “focused very hard on the FDIC pipeline” of distressed loans.

To access these loan packages subscribe to www.joetufo.com/blog and put REO in the search block. We post pacakages when they become available.

The focus on the FDIC is related to the two primary components of the distressed loan market. One of these is healthy banks that are trying to sell their bad assets; the other is distressed loans that the FDIC has acquired from failed banks.

The FDIC is a more motivated seller than the healthy banks right now, so we see more opportunities there. In the case of the distressed debt being marketed by healthy banks, the spread between bid and ask prices is so wide that few such deals are closing.

In cases where it buys properties, savvy buyers will target the main property types that real estate investors have traditionally focused on: industrial, low-rise office and medical office. In the case of distressed debt, buyers will have to be more flexible, because loan pools often include a variety of property types as the underlying collateral.  In cases like those, the buyer might keep the loans on the office and industrial properties but sell off those that are secured by other property types.

Savvy buyers will try to work with borrowers to resolve the loans it buys. The solution might be for the borrower to pay off the loan at a discount, or for the buyer to modify the loan and remain a lender and possibly sell the loan later. In the event that the buyer can’t resolve a loan and takes title to a property via foreclosure, the buyer’s background provides the expertise to see a project through to completion.

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In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

Workouts 101: Mindsets and Prenegotiation Agreements

This post was written by Maura O’Connor an attorney with Seyfarth Shaw LLP. I have subscribed to RSS feeds with Globe Street for a long time. This article and other posts will be of great benefit to those of you who are upside-down on commercial properties. Read-On:

It’s no secret that default rates in commercial real estate loans have been increasing and are continuing to grow. Bloomberg reports that “the default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents.”

Across our firm’s nationwide real estate practice, we are seeing increasing defaults and resulting workout and foreclosure activity.   Some projects fail for reasons that are too difficult to resolve: for example, they may be too far underwater to be saved.   But many other distressed loans that result in foreclosures could be worked out if certain simple, and seemingly obvious, steps are taken by both sides, lender and borrower/developer, so that they can cooperatively work out a consensual resolution.

Often both the lender and the borrower/developer could obtain better results if they thought through the other party’s motivations and constraints.   So, at the risk of stating the obvious, here’s a brief overview of issues often overlooked by both sides in working out problem loans.   (I’ll go into more detail about some of the specific points of leverage in later posts.)

Borrower Mindset.   Borrowers want to get their projects built and make a profit.  And they usually come to a deal as optimists – they have to be, in order to get projects developed.   Fundamentally, they also are creative: they like designing and doing the work, and are used to keeping control of it.   One downside of this, in a downturn, is that some borrowers aren’t quick to see themselves as in trouble, when a financed property starts to fall short of its covenants or cash flow.   And even many of those who know that they are in trouble are hesitant to approach their lenders early, when trouble is foreseen but not yet happening, to seek a workout or forbearance.   Instead, they may be tempted to act only after the trouble hits and their rents dry up; and then sometimes only by trying to obscure or shut down the flow of information to their lenders.   This strategy generally does not work well.

Lender Mindset. Unsurprisingly, lenders want to get their loans repaid.   Their mindset is, “you borrowed the money and said you’d repay it; now it’s time to pay it or surrender the collateral.”

But most lenders don’t really want to take over the development of the financed real estate.   They typically don’t have the skills needed to develop, lease up or manage property, nor do they want the liability of an active developer.   They also know that if they foreclose, rather than doing a workout, they likely will recover less.

So, if they can see a reasonable plan for doing so and have enough flexibility, lenders usually would rather extend or modify their loans.   This can leave the borrower/developer in charge, operating the property, as long as there is some realistic possibility of a repayment over time.   If a workout or extension is done early enough, some types of lenders may be able to avoid having to reclassify the loan as a bad loan, which often costs them extra, as they must reserve additional capital against the potential loss.   (Whether the lender is a portfolio lender, who originated and holds its own loan, or a CMBS lender, where the originator sold off all or most of the interests in the loan, and the loan is being serviced by a servicer, may to a large extent determine the flexibility the lender has to modify the loan.)   However, while most lenders would rather complete a consensual workout than a foreclosure, they typically don’t want to loan more money into a troubled project, unless they can see a clear exit that will result in a full repayment of the loan.
Most lenders will typically assess fairly early on whether a distressed loan can be repaid in a reasonable time and what the current value of the project is.   If the project is not salvageable, the lender typically will foreclose on and sell the collateral to collect as much of the outstanding amount as possible.

In deciding whether to negotiate a workout or to foreclose, many lenders assess whether a borrower falls one of two informal categories: first, the borrowers that are straightforward about the project and that add hard-to-replace value to the collateral (for example, by working hard to increase the project’s income, or by providing more equity or more collateral); or, second, borrowers that are not likely to add value or are not playing straight with their lender. In the current market, lenders’ distressed loan departments are often overworked and understaffed; so these “good or bad” decisions sometimes will be made quickly and cursorily, not after careful study.   In seeking a workout in a downturn, first impressions count. A borrower that falls into the “bad” category will typically not be able to negotiate a workout – the lender’s representative will make triage decisions to spend time negotiating only the workouts that are likely to lead to a deal.

Leverage. Once a borrower defaults or is in danger of defaulting on its loan, the lender has more leverage: if the borrower won’t or can’t pay back the loan, the lender can and will foreclose on the project.   And there is usually no obligation on the part of a lender to work out a loan – a lender typically has the right to enforce its loan documents by foreclosing on the collateral and may also have the right to pursue additional repayments from borrowers or guarantors.

A borrower who knows its project is having cash flow or other problems should analyze its cash position, when it is likely to default on its loans and what would be needed to get the project cash flowing again.   This should be done as early as possible.   It is usually advisable to bring in experts, such as asset managers, to help evaluate the financial position of the project, and lawyers, to help evaluate the borrower’s legal position and develop a strategy.   This analysis will help determine if the borrower has any leverage it can use to negotiate a deal with its lender, and what the lender’s position is likely to be.

Finding Common Ground. As early as possible, but only after a careful analysis of the parties’ positions and potential leverage, a borrower with a salvageable project should approach its lender and open discussions about working out the loan, confirming any oral requests in writing.   If the lender is not responsive, the borrower should resend its request for workout discussions in writing, with a brief summary of its proposed workout plan, until it gets a response.   (Using a lawyer can help – the borrower’s lawyer can chase the lender’s representative until a response results.)

Most lenders won’t enter into workout discussions with a borrower unless the borrower signs a “prenegotiation agreement” or similar form.  Usually these agreements provide that, although the parties agree to talk about modifying the loan, there will be no change to the loan terms until they both agree to and sign formal loan modification documentation.   Lenders require such letters to avoid any misunderstanding that they have agreed to some deal unofficially.  Signing a short, reasonable prenegotiation agreement should not be a problem for borrowers.   On the other hand, some lenders try to materially improve their positions by including waivers of claims and defenses, full releases, and similar concessions in these agreements, so such agreements should always be carefully reviewed by legal counsel before they are signed.

Once it gets the lender’s attention, a borrower should consider proposing a plan likely to work over a reasonable time that, if possible, does not require the lender to put more money into the project.   In exchange for a loan modification and more time to pay off the loan, borrowers might consider offering any or all of the following concessions, or any others specifically tailored to the project:

• borrower or its principals may put in more equity;
• borrower or its principals may sell shares in the project to investors, giving up some upside;
• borrower may agree to defer any payments to itself or any affiliates;
• borrower may provide the lender with other collateral;
• borrower may scale back the quality and expense of the tenant improvements it wants to put into the project;
• borrower may agree to sell other properties to raise cash to put into the troubled project.

The point of such concessions is to limit the lender’s loss exposure and thereby incentivize the lender to extend and modify the loan. While such concessions may be painful to consider, a rational borrower will almost always be better off starting with its own list of suggested scaling-down changes, rather than a less-informed list that its lender might confect.

A lender may or may not provide detailed comments on a borrower’s workout proposal – generally, lenders are not willing to tell the borrowers what to do, as they are usually concerned about not incurring lender liability for taking over a project.   But a rational lender ought to be able to let its borrower know what about the borrower’s proposal will work for the lender, and what doesn’t.   Then, if the parties find common ground, they and their lawyers can negotiate a modification and extension that puts the loan and the project back on track.

What not to do. My next post will talk more about the parties’ tactical and business options. For now, here’s a summary of obvious missteps to avoid in an early stage workout.

1. Lie to the other side, or be so unreliable that they can’t put trust in you. (This includes making inaccurate statements or unfulfilled promises through your lawyer.)
2. Become silent and unresponsive.
3. Ask for something before analyzing your real economic position (you may be asking for the wrong thing).
4. Start the conversation too late to have any viable options for returning the deal to a performing, healthy one.
5. Ask the other side to do your work for you.
6. Be rude (or allow your lawyer to be rude) to the other side’s people and other representatives.

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Business Lines Of Credit In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

Welcome Letter – How to Access $100,000 to $1 Billion or More

Hi,

My name is Joe Tufo. I’m president of Cash Flow Specialists, Inc. of Concord CA. We are located 30 miles due east of downtown San Francisco.

I started this company July 1, 1999 after selling my insurance agency that I owned for 22 years. We were initially incorporated as a C-Corp in NV. I re-incorporated in CA February 2009 as a Subchapter S Corp.

I am not perfect. Here is proof of a personal screw-up in my own life:
http://joetufo.com/blog/medco-explanation

I do the very best that I can to serve you and the clients that you refer. I work 7AM to 5PM Pacific M-F. The toll-free number to our office is 1-800-669-2700. The direct dial number to my desk is 925-691-8200. When I am not in the office calls forward to my cell phone.

You can email me at either help@joetufo.com or joe@joetufo.com I receive hundreds of emails a day and do my best to answer each. if you do not receive a written reply kindly call me and I’ll find the email and respond. Thank you.

I return all morning calls and emails from 11AM to 12 noon and all afternoon calls and emails from 4PM to 5PM.

If you would like to purchase consulting time for you and/or your client visit www.joetufo.com/consulting If you need coaching visit www.joetufo.com/coaching or www.successbehaviors.com

We have a popular website at www.joetufo.com/blog If you want to learn about most of our products and services you should subscribe to the blog. New content is added several times a month. It’s a great place to refer prospective clients to inculcate them to our way of doing business. We are adding video to explain each post and page.

I encourage you to enroll at www.joetufo.com/subscribe to learn about our products and services. Listen to the video on the site.

To view videos on our products and services visit www.joetufo.com/youtube

We are adding a second site for referral partners only. This will also be a subscription site. Soon you will be able to earn commissions through Click Bank for selling our books, templates, and courses. It can be a tool to supplement your income.

www.joetufo.com/roadmap will give an overview of our products and services. There are hyperlinks to other sites complete with video. We tweak the map by adding products and services so you’ll want to check back often. It’s a good starting point to refer clients.

www.joetufo.com/powerfunding is a great tool for borrowers to become pre-qualified. Glenn & Mary just got $100,000 approved on a credit line and $150,000 on a grant using that program.

We have many other websites some of which are featured on the www.joetufo.com/blog

I’ve attached the referral partner paperwork. Kindly complete and email back.

For REO’s go to the www.joetufo.com/blog site I list all inventory. Get a LOI on the principle’s letterhead and an absolute proof of funds not more than three business days old.

For green projects read everything on the blog site especially references to large projects check www.projectfundingoptions.com and the www.joetufo.com/roadmap site and www.greenprojectsfunding.com

For credit lines other than BLOC E visit www.joetufo.com/blog We have a new site that we are populating at www.workingcapitalfast.com We have access to merchant cash advance, asset based lenders, hard money, factoring and more alternative sources that fund in 30 days or less.

Dale and I wrote a book on FOREX visit www.thebasicsofforex.com

95% of our business comes from referral and the balance comes from my public speaking engagements.

As always I am here to serve you and those whom you choose to refer to us.

May God bless you exceedingly, abundantly above whatever you may think or ask.

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Business Lines Of Credit Improve Credit In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

Double Closes, Down Payment Assistance, Proof of Funds

We also have investors to JV on petroleum transactions


We can provide all of the following:

· Down Payment Assistance

· Double Closes

· Escrow Proof of Funds

· No Credit Check

· No Appraisal Needed

· No LTV Requirements

· No Financials Required

· All Closing Costs Are Included


Double Closing

Investor will fund 100% of the deal as long as you have a back end buyer or end funding in place and willing to close at the same time

Example: A=Seller B=Investor/Buyer(You) C= End Buyer
*** Investor will only fund A to B when C has their money ready to go***

The investors nationwide title company is an expert with double closes. Residential, commercial, land, apartments, REO, short sales. Investor will fund any amount up to $40,000,000.00

Frequently asked questions:

Q: Do you provide 100% of the funds including closing costs?
A: Yes, this is a no out of pocket transaction.


Q: Will you fund even if I have bad credit?
A: Yes, no credit report is required, or even pulled because we are paid off immediately

Q: How much can you fund?
A: We can fund up to $40,000,000.00. We fund residential, commercial, apartments, land, REO, REO Bulk, and farms.

Q: Do you provide funding for the end buyer?
A: No, we only fund A to B, not B to C.

Q: How much do you charge?
A: Fees are based on the amount needed for the transaction.  Discounts apply for repeat customers.

Q: Do you provide Proof of Funds Letter?
A: Yes, You will normally get a POF within the same business day for the full purchase amount if necessary.


Q: Is there a cost for a Proof of Funds Letter?
A: Yes, normally the POF will cost 3% but the cost will be credited towards the closing fee.  (this way we ensure that people are incented to use us for the back end close instead of endlessly getting POF’s).  The POF is valid for 60 days.


Down Payment Assistance

Investor will fund any percentage down payment that you wish as long as the seller is willing to credit that portion of their proceeds, plus fees, back at closing.

Example: A=Buyer B=Seller C= Us
Investor will fund the down payment required for A to buy from B.  B then credits back that amount, plus our fee, through escrow.


Q & A


Q: Do you provide 100% of the funds required for the down payment closing costs?
A: Yes, this is a no out of pocket transaction.


Q: Will you fund even if I have bad credit?
A: Yes, no credit report is required, or even pulled because we are paid off immediately

Q: How much can you fund?
A: We can fund up to $40,000,000.00.  We fund residential, commercial, apartments, land, REO, REO Bulk, and farms.

Q: How much do you charge?
A: Typically transactions under $1M are 10% of the funds used; however, discounts are available for repeat customers.

Q: Do you provide Proof of Funds Letter?
A: Yes, You will normally get a POF within the same business day.


Q: Is there a cost for a Proof of Funds Letter?
A: Yes, normally the POF will cost 3% but the cost will be credited towards the closing fee.  (This way we ensure that people are incented to use us for the down payment and instead of endlessly getting POF’s)  The POF is valid for up to 60 days.


Escrow Proof of Funds


Investor can provide an escrow account in your/your company’s name with cash deposited in any amount up to $25M.  You may have the account for as little as a day or as long as 90 days.


You may verify the account via a letter, on the escrow company letterhead, a printout of the escrow account ledger and verbally verify with the escrow officer directly.


Accounts set up in as little as 24 – 48 hours


PROOF OF FUNDS – SWIFT MT 760 – MT 799 –


TOP 25 US BANKS – TOP WESTERN EUROPEAN BANKS


Borrowers Have Utilized These Funds for a Variety of Reasons

  • Leverage Funding for Large Commercial Projects
  • Funding a Trading Platform
  • Credit Enhancement
  • Blocked Funds
  • Qualify for Financing
  • Net Worth Requirements
  • Providing Evidence of Proof of Funds
  • Commodities / Petroleum Transactions

DOUBLE CLOSE / DOWN PAYMENT ASSISTANCE / ESCROW PROOF OF FUNDS

PROGRAM GUIDELINES

Use a private investor’s funds to close your deal.  An escrow account for the transaction can be arranged in your name, or company name, at INVESTOR’S TITLE in Las Vegas, NV.

Funds can be used for double close or down payment assistance with minimal or no up-front costs to you.

Residential REO packages, large commercial or multi-unit properties, and non real estate transactions are all applicable.

Funds cannot be moved or depleted, investor does not arrange loans or financing The Investor’s escrow company as well as escrow attorney will be used and cannot be substituted.

DETAILS OF THE TRANSACTION

The investor requires a written Narrative/Scenario of the Details of the Transaction in as much detail as possible, providing Total Transparency, in order to determine the investor’s interest toward the transaction.  **This is to be done for each transaction if more than one that the investor is introduced to.

The fees will vary and will be divided by intermediaries for each deal (Brokers protected).

The Title Company will be the paymaster.  Before the start of the transaction a CONSULTANTS BROKERS RECITALS LIST will be completed and submitted with the package to the investor.

All e-mail communications must list the Last Name of the Principal, or funding entity, in the subject heading.  Consistency with this practice is required in all Emails as this is how the deal will be filed.

Complete Details of Transaction & Exit Strategy:

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

_____________________________________________________________________________________

APPLICATION

Date: _________________________  Dollar Amount Needed:  $___________________._____

PRINCIPAL

Full Name: ____________________________________________________________________________

Present Address: _______________________________________________________________________

_____________________________________________________________________________________

Phone (office): (             ) _________________________ (home): (             ) _________________________

(Mobile): (             ) ______________________________

E-mail address: ________________________________________________________________________

Name to be listed on Escrow Account: ______________________________________________________

Date the account needs to be active: _______________________________________________________

Do you require a VOD?  Y / N

What is the closing date of the transaction?  _________________________________________________

SELLER

Full Name: ____________________________________________________________________________

Present Address: _______________________________________________________________________

_____________________________________________________________________________________

Phone (office): (             ) _________________________ (home): (             ) _________________________

(Mobile): (             ) ______________________________

E-mail address: ________________________________________________________________________

Address of property being purchased:

_____________________________________________________________________________________

_____________________________________________________________________________________

Appraised value of property: $_________________________._______

Submit completed application to Joe Tufo

joe@joetufo.com

Phone (925) 352-6000

Fax (206) 984-2853

Categories
Business Lines Of Credit Improve Credit In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

REO Package Availability, Large Project Source E Funding Four Projects Now, Proof of Funds $5m min., Consultation Booking Now, Six Major Funding Sources $10m+, BLOC $50k to $2m, San Diego/Anaheim July 2-July 12th, A/R Lines of Credit

I am leaving for San Diego for our nieces wedding tomorrow (July 4th) with my wife of 34 years, Bonnie, and our two youngest children; Katie age 11, and Mike age 9. If you are located somewhere between Concord CA and Coronado Beach CA give me a call. I’ll be in San Diego July 4th and July 5th and then July 11th and 12th  and Anaheim July 6th to July 10th.

This is a “mini-newsletter” if you consider 6463 words small that went out to our 230 referral partners and a few hundred clients and prospects this week:

This just came in at 4:35PM Tuesday June 30th from Paul, a broker appointed by the FDIC to liquidate FDIC inventory. i have the LOI form.
:

This is the June 30th, 2009 summary of available packages for sale. All Sold packages are noted and will be removed next week.

Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.

Make an offer regardless of the sales price or asking price!

Real Estate Owned by the Bank (REO)

Make an offer in the form or a “Letter of Intent” and a Non-circumvention and Non-Disclosure agreement (we provide the LOI template for you), also be prepared to provide Soft Proof of funds to the bank. See attached preferred LOI format.

Make an offer regardless of the sales price or asking price!

PERFORMING NOTES

Performing Note packages are available for purchase by submitting a “Letter of Interest” which must include at a minimum the name of the buyer and their attorneys that will handle proof of fund.

The Buyer and the Buyers representative must sign and return a NCND to Cash Flow Specialists, Inc.

A Note Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85 to 90% of their face value.


PACKAGE # 5-4e AVAILABLE – 6/29/09

REO SFR Package

25 SFRs and couple of duplexes All in GA.

BPO to be determined in Escrow estimated value is 2.7 million

Sales Price = $1,334,270

PACKAGE # 5-4j – AVAILABLE – 6/25/09

REO unfinished Condos Package with 10K commercial leased 20+ years

Foreclosure Pending

70+ SFR all in downtown Los Angeles, CA

Units are 800 to 1500 square feet

BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4k – AVAILABLE – 6/29/09

REO 28 SFR in GA, NC, VA,WV, MD,

BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4m – SOLD – 6/25/09

REO 18 SFR in NV

BPO to be determined in escrow (make an offer)

BPO to be determined in Escrow

Make offer Plus 3 % in fees

PACKAGE # 5-4n1 – SOLD – 6/29/09

REO SFR – 22 SFR in CA, Los Angeles

BPO estimate $7,039,000

Asking Price: $4.426 million

Make offer Plus 3 % in fees

PACKAGE # 5-4o1 – SOLD – 6/24/09

REO SFR – 7 SFR in Los Angeles, CA

BPO to $982,205

Asking Price: $879,278

Make offer Plus 3 % in fees

PACKAGE # 5-4p – SOLD – 6/25/09

REO SFR – 10 SFR in Los Angeles, CA

BPO to $3.273 million

Asking Price: $1,816,499

Make offer Plus 3 % in fees

PACKAGE # 5-4r – AVAILABLE – 6/29/09

REO – 97 Florida SFR

BPO to be determined in Escrow

Seller will accept 60 cents of current BPO

Make offer Plus 3 % in fees

PACKAGE # 5-5 – STATUS –SOLD  6/29/09

Non Performing Note Package Multi-family & Commercial assets including:

States and quantities in those states: CT(6), NJ (12), NY(18), PA( 2)

Apartments, Multi-family plus small retail, and office

30 notes valued at $18.2mm – LTV average 75%

Priced at 81 cents on the dollar = $46,206,196

To review tape make an offer in the form of an Letter of Interest (LOI) and provide SPOF contact information in the LOI.

Make offer Plus 3 % BPO fees

PACKAGE # 5-6 – –AVAILABLE 6/29/09

Performing Hotel 1st Trust Deeds for sale both borrowers

1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to

$2,473,910 – Available

Available for 81 cents on the dollar.

To review tape:

Make an offer in LOI for and include contract POF information.

PACKAGE # 5-26 – STATUS –AVAILABLE 6/29/09

Performing Notes for sale Arkansas

Hospital Performing

Payers credit over 700 FICO

Remaining Balance $107,000

Make offer

PACKAGE # 5-27 – STATUS –AVAILABLE 6/29/09

Performing Notes for sale Washington DC – 83,411 Square Feet

south of Class B Washington DC Suburban Office Property – 83,411 SF

$7.8M Owners valuation – Property is 100% occupied

Bank is willing to take 20% off, we are direct to bank

ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

PACKAGE # 5-28 – STATUS – AVAILABLE 6/29/09

REO SFR LAND package

233 SFR Lots located in various states FL, NC,SC,

Owner BPO =$6.1.million

Make offer Plus 3 % in fees

PACKAGE # 5-29 – STATUS – AVAILABLE 6/29/09

REO Commercial LAND package

18 Lots located in various states FL, NC,SC,

4 commercial, 3 office buildings, 3 Convenience stores

Owner BPO =$71.3.million

Make offer Plus 3 % in fees

PACKAGE # 5-30 – STATUS – SOLD 6/29/09

REO SFR Los Angeles, CA

99 Single Family homes

BPO = 20,788,073

Price = 11,433,440

3.0% fees included in the Price

zip codes:90001,90002,90003,90026, 90037, 90011,90016 90018,90022,90032,90042,90044,90047,90059,90060,90061,90063,90065

PACKAGE # 5-31 – STATUS – SOLD 6/25/09

REO SFR Orange County, CA

73 Single Family homes 3+ bedroom, 2+ Baths

BPO = 26,354,574

Prices = 15,285,652

zip codes: 92831,92832,92833,92835,92675, and 8 SFR total in 91723,91724,91722,91724

PACKAGE # 5-32 – STATUS – AVAILABLE 6/29/09

REO COMMERCIAL Orlando, FL

5K Sq.ft., 1+ AC Historic 2 Story

BPO = $4.9 million

Asking = $3.3 Million

PACKAGE # 5-33 – STATUS – AVAILABLE 6/29/09

REO COMMERCIAL SpartanBerg, SC

30K Sq,ft. Hotel

BPO = $20 million

Asking = 18.00 Million

PACKAGE # 5-34 – STATUS – AVAILABLE 6/29/09

REO COMMERCIAL Columbia, SC

7+K Sq.ft. Restaurant

BPO = $1.7 million

Asking = $1.15 Million

Fees included

PACKAGE # 5-35 – STATUS – AVAILABLE 6/29/09

REO COMMERCIAL Tampa, FL

16K Sq.ft., Office Building

BPO = $1.0 million

Asking = $690K

Fees included

PACKAGE # 5-37 – STATUS – available 6/29/09

REO COMMERCIAL , NC

2,8K Sq.FT. Convenience store

BPO= $525K

Asking = $ 357K

Fees included

PACKAGE # 5-38 – STATUS – available 6/29/09

REO COMMERCIAL, GA, 4.3K Sq.ft. commercial building

BPO= $370K

Asking = $ 251K

Fees Included

PACKAGE # 5-39 – STATUS – available 6/29/09

REO COMMERCIAL, SC, 2.3K Sq.ft. convenience store

BPO= $350K

Asking = $ 231K

Fees Included

PACKAGE # 5-40 – STATUS – available 6/29/09

REO COMMERCIAL , NC, .8 AC. Convenience store

BPO= $370K

Asking = $ 251K

Fees Included

PACKAGE # 5-41 – STATUS – available 6/29/09

REO COMMERCIAL , FL, 4.3K Sq.ft. Office building

BPO = $380K

Asking $258K

Fees Included

PACKAGE # 5-42 – STATUS – updated 6/29/09

REO COMMERCIAL , NC, 2.8K Sq.ft. Convenience store

BPO= $274K

Asking $191K

Fees Included

PACKAGE # 5-43 – STATUS – available 6/29/09

REO COMMERCIAL , SC, 5K Sq. Ft. Restaurant

BPO = 350K

Asking = $228K

Fees Included

PACKAGE # 5-44 – STATUS – available 6/29/09

REO COMMERCIAL , NC, 1.2K Sq. Ft. Office

BPO = $220K

Asking =$149K

Fees Included

PACKAGE # 5-47 – STATUS – available 6/29/09

REO 48 SFR – New York properties in – Bronx (6), Brooklyn (11), Far Rockaway (6), Floral Park (1), Jamaica (5). FARMINGDALE (1), FREEPORT (3), SAINT ALBANS (1), Cambria Heights (1), East Elmhurst (1), Pleasant Valley (2), POUGHKEEPIE (8), South Ozone Park (3),

BPO estimate: $14.5 million

Price:  Make an offer and include 3% BPO fees

PACKAGE # 5-48 – STATUS – SOLD 6/29/09

REO 12 projects in New York State some unfinished, total of 301 Apartments, 1 Commercial Condo

Cities: NYNY (3), Brooklyn (5), Flushing (2), Yonkers (1), Jersey City (1)

BPO estimate: $70.9 million

Available for sale on a line item basis!!

Price: Make an offer and include 3% BPO fees

PACKAGE # 5-49 – STATUS – SOLD 6/29/09

Non Performing (35) Notes

Colorado and Arizona – Commercial (3), Retail (3), Lots (8), SFR (13),Multi-Family(3), Retail (3), Office (4), Estate (1)

LTV % average 75%

Loan Value total is $57.6 million

Price: Make an offer and include 3% BPO fees

PACKAGE # 5-50 – STATUS – available 6/29/09

14 Waterfront Condos and boat lifts. The project is 85%, FL

BPO finished in 2008 = $7.5 million

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-1 – STATUS – available 6/29/09

Non Performing Notes

14 office and retail New Units. 20,000+ sq.ft., FL

BPO fto be determined in Escrow

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-2 – STATUS – available 6/29/09

Non Performing Notes

9 Condos 1,600+ Sq.Ft., FL

BPO to be determined in Escrow

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-3 – STATUS – nonexclusive 6/29/09

Non Performing Notes

150+ room Hotel , FL

Recently Remodeled

BPO to be determined in Escrow

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-4 – STATUS – available 6/29/09

Non Performing Notes

3 Condos 2,000+ Sq.Ft., FL

Recently Remodeled

BPO estimated $340,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-5 – STATUS – Updated 6/29/09

Non Performing Notes

75+ unit Apartment building FL

BPO estimated $7,550,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-6 – STATUS – available 6/29/09

Non Performing Notes

1 Condo 4 bed ,3.5 baths(5,100+ Sq.Ft). FL

BPO estimated $1,250,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-7 – STATUS – available 6/29/09

Non Performing Notes

2 Commercial building(16,100+ Sq.Ft). FL

BPO estimated $1,350,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-8 – STATUS – available 6/29/09

Non Performing Notes

13 Condos (1,100+ Sq.Ft). FL

BPO estimated $1,490,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-9 – STATUS – nonexclusive 6/29/09

Non Performing Notes

11 Unit Strip Center (12,000+ Sq.Ft). FL

BPO estimated $1,890,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-10 – STATUS – nonexclusive 6/29/09

Non Performing Notes

1 Warehouse Flex Space(14,000+ Sq.Ft). FL

BPO estimated $968,153.00

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-11 – STATUS – available 6/29/09

Non Performing Notes

1 Warehouse Flex Space(14,000+ Sq.Ft). FL

BPO estimated $968,153.00

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-12 – STATUS – available 6/29/09

Non Performing Notes

1 Medical office building 4,000 Sq.Ft.. FL

BPO to be determined

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-13 – STATUS – available 6/29/09

Non Performing Notes

2 Building office complex (3,340+ Sq.Ft). FL

BPO estimated $524,900

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-14 – STATUS – available 6/29/09

Non Performing Notes

5 Condos 2/2 (950 Sq.Ft.) FL

BPO estimated $400,900

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-15 – STATUS – available 6/29/09

Non Performing Notes

20 units in 3 building FL

BPO to be determined

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-16 – STATUS – nonexclusive 6/29/09

Non Performing Notes

1 Office condo 2,500+ Sq.Ft. FL

BPO to be determined

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-17 – STATUS – available 6/29/09

Non Performing Notes

1 SFR (2300+ Sq.Ft.) FL

BPO estimated $575,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-18 – STATUS – available 6/29/09

Non Performing Notes

1 Office condo 2,500+ Sq.Ft. FL

BPO to be determined

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-19 – STATUS – available 6/29/09

Non Performing Notes

1 Townhome (1200+ Sq.Ft.) FL

BPO estimated $375,000

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-20 – STATUS – available 6/29/09

Non Performing Notes

1 Townhome (2500+ Sq.Ft.) FL

BPO to be determined in escrow

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-21 – STATUS – available 6/29/09

Non Performing Notes

1 SFR (2200+ Sq.Ft.) FL

BPO = 290K

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-22 – STATUS – available 6/29/09

Non Performing Notes

1 SFR (2400+ Sq.Ft.) FL

BPO = 200K

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-23 – STATUS – available 6/29/09

Non Performing Notes

1 Commercial Building (1600+ Sq.Ft.) FL

BPO = 270K

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer and include 3% BPO fees

PACKAGE # 6-24 – STATUS – SOLD 6/29/09

Non Performing Commercial Notes

Pool value at 146 Million

24 notes,

States: NYNY, Bronx, Staten Island, Brooklyn, Ashbury Park, Jersey City, Ft Salonga, NY

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer include 3% BPO fees

PACKAGE # 6-25 – STATUS – available 6/29/09

Non Performing Notes

44 Townhomes with 2 car Garage (1800+ Sq.Ft.) CA

Loan Balance 14.1MM

Status: 95% Complete

Exclusive Bank Sale – Must submit LOI with SPOF contact information

Price: Make an offer .68 cents on the BPO and include 3% BPO fees

PACKAGE # 6-27 – STATUS – Available 6/29/09

REO SFR 16+ state, Heavy in OH,MI, and PA

1096 Single Family homes

BPO = 70mm This is a owner estimate

Price = 12.6 mm

Make an offer include 3.0% BPO fees

PACKAGE # 6-28 – STATUS – Available 6/29/09

REO  state, Heavy in NV Las Vegas, Henderson, Reno, North Las Vegas

14 Single Family homes

BPO = 3.8mm This is a owner estimate

Price = 1.1 mm

Make an offer include 3.0% BPO fees

PACKAGE # 6-29 – STATUS – SOLD 6/25/09

REO state, Heavy in AZ Maricopa,

87 Single Family homes

BPO = 11.1 mm This is a owner estimate

Price = 5.5 mm

Make an offer include 3.0% BPO fees

PACKAGE # 6-31 – STATUS – SOLD 6/29/09

REO state, Heavy in CA Southern California,

172 Single Family homes

BPO = 42.8 mm This is a owner estimate

Price = 26.28 mm

Make an offer include 3.0% BPO fees

PACKAGE # 6-32 – STATUS – PENDING 6/29/09

REO state, Heavy in Orange County, Southern California,

61 Single Family homes

BPO = $23.8 mm This is a owner estimate

Price = $16.41 mm

Make an offer include 3.0% BPO fees

PACKAGE # 6-35 – STATUS – Available 6/29/09

Performing Note Medical Center Pool,

1 notes secured by (1) Medical Center, State AZ

Loan Balance = $19.0 mm

Appraised Property collateral Price = $26.2 mm

Make an offer include 3.0% fees

PACKAGE # 6-37 – STATUS – Available 6/29/09

Performing Note Commercial Pool- Ohio

1 notes secured by (2) apartment complexes (245+ units)

Loan Balance = $9.26 mm

Appraised Property collateral Price = $14.56 mm

Make an offer 82% plus 3.0% fees

PACKAGE # 6-38 – STATUS – PENDING – 6/29/09

Non- Performing Multi-family Notes for Sale

A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 55 to 70% of their face value.

1) 21 Units, Location CT

2) 24 Units, Location CT

3) 60 Units, Location CT

4) 84 Units, Location CT

5) Mixed use, Location NJ

6) 72 Units, Location NJ

7) Mixed use 18 Units, Location NJ

8) 7 Units, Location NJ

9) 25 Units, Location NJ

10) 13 Units, Location NJ

11) 5 Units, Location NJ

12) 7 Units, Location NJ

13) 5 Units, Location NY

14) 28 Units, Location NY

15) 16 Units, Location NY

16) 11 Units, Location NY

17) 10 Units, Location NY

18) 6 Units, Location NY

19) Mixed use 2 commercial and 6 Units, Location NY

20) 10 Units, Location NY

21) 7 Units, Location NY

22) 9 units , Location NY

PACKAGE # 6-41 – STATUS – Available 6/29/09

Non-Performing (Foreclosure) in progress, US Territory

Hotel (Flagged) (425+) Rooms with conference center

Non performing Debt Facility Via Bank

Financing is available with 11 million down good terms available

08 Storm damaged to be repaired 5 million required

BPO = $61.7 million

Price= $26.5 million

Make an offer 43% of BPO includes all fees

PACKAGE # 6-42 – STATUS – Available 6/29/09

REO HOTEL 155+ rooms (Flagged) State: FL Near Disneyworld

Remodeled in 2008

BPO = 7.5 mm

Price = 5.9mm Fees included in sales price

PACKAGE # 6-43 – STATUS – Available 6/29/09

Non-Performing Note SFR Pool,

12 notes, State CA, FL, GA, WI

Loan Balance = $2.4 mm

Sales Price = $1.16 mm

Make an offer fees included in sales price

PACKAGE # 6-44 – STATUS – Available 6/29/09

Performing Note SFR Pool,

120 notes secured by (120 SFR), State TX

Loan Balance = $2.7 mm

Appraised Property collateral Price = $1.86 mm

Make an offer include 3.0% fees

PACKAGE # 6-45 – STATUS – Available 6/29/09

Performing Note Pool,

2 notes secured by Long Beach CA. 4-plex and duplex

Loan Balance = $600K

Sale Price = $480K

Make an offer include 3.0% fees

PACKAGE # 6-46 – STATUS – Available 6/29/09

Performing Note Pool,

1 note secured 1st deed Hotel Kingsland GA

Loan Balance = $3.1mm

Due in 2017

Make an offer include 3.0% fees

PACKAGE # 6-47 – STATUS – Available 6/29/09

REO Land,

101 Parcels, FL, SC, NC

134 Residential Lots

338+ Acres

Appraised = 18.2mm

BPO = $6.1mm

Sales Price = 2.62mm

Make an offer include 3.0% fees

PACKAGE # 6-48 – STATUS – Available 6/29/09

REO state, GA, IL, IN, AZ, AR, FL, MO, MS, NJ,NY,OK,PA

212 SFR

BPO = To be determined in Escrow

Price = $ 4.12mm

Make offer and add 3.0% fees in price

PACKAGE # 6-49 – STATUS – Available 6/29/09

REO state, MI and OH

406 SFR

BPO = $ To be determined in Escrow

Price = $ 2.1mm

Make offer and add 3.0% fees in price

PACKAGE # 6-50 – STATUS – SOLD 6/25/09

REO state, CA

1400 SFR

BPO = $ To be determined in Escrow

Price = $ 220.1mm

Make offer and add 3.0% fees in price

PACKAGE # 6-51 – STATUS – Available 6/29/09

REO state, CA

35 SFR

BPO = $ 4.5

Price = $ 2.8mm

3.0% BPO fees in price

PACKAGE # 6-52 – STATUS – Available 6/25/09

REO state, FL

22 Office buildings, motels, warehouse, retail other

BPO = $ 39.0mm

Price = $ 13.2mm

Make offer add 3.0% BPO fees in price

PACKAGE # 6-54 – STATUS – AMENDED 6/26/09

REO state, Nation Wide

700 SFR

BPO = $ TBD

Price = $ 8.2

all commissions included

PACKAGE # 6-55 – STATUS – Available 6/29/09

REO state,

22 Office buildings, motels, warehouse, retail other

BPO = $ 39.0mm

Price = $ 13.2mm

Make offer add 3.0% BPO fees in price

PACKAGE # 6-56 – STATUS – Available 6/29/09

REO  state, New York – Brooklyn

9 Apartment buildings 425+ units

BPO = $ 180.0mm

Price = $ 95.3mm

Make offer add 3.0% fees in price

PACKAGE # 6-57 – STATUS – Available 6/29/09

Non-Performing Notes (SFR)

165 Nation Wide SFR

BPO = $ 13.12 mm

Price = $ 5.65 mm

BPO Commissions fees in price

PACKAGE # 6-58 – STATUS – Available 6/29/09

Non-Performing Notes (SFR)

165 Nation Wide SFR

BPO = $ 13.12 mm

Price = $ 5.65 mm

BPO Commissions fees in price

PACKAGE # 6-60 – STATUS –Available 6/29/09

LAND

Cities:  NV (1), Lake Las Vegas, 30 Acres

BPO estimate: $14.8mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-61 – STATUS –Available 6/29/09

LAND

Cities:  NV (1), 90+ Sub-division lots

BPO estimate: $3.3mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-62 – STATUS –Available 6/29/09

LAND – Retail Pads

Cities:  TX (1), Houston

BPO estimate: $12.9mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-63 – STATUS –Available 6/29/09

LAND – Retail Pads

Cities:  TX (1), Stafford

BPO estimate: $4.1mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-64 – STATUS –Available 6/29/09

LAND – SFR Land for 70 Pads 310 acres

Cities:  CA (1), Corona

BPO estimate: $12.6mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-65 – STATUS –Available 6/29/09

SFR – Kukio

Cities:  HI (1), Kona

BPO estimate: $5.9mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-66 – STATUS –Available 6/29/09

SFR – 5200 Sq. FT. 5b/5.5b/6.5ac

Cities:  CA (1), Saratoga

BPO estimate: $2.4mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-67 – STATUS –Available 6/29/09

SFR – Penthouse Lofts (5) 85% finished 5k sq.ft. each

Cities:  NV (1), Lake Las Vegas

BPO estimate: $6.9 mm

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-68 – STATUS –Available 6/29/09

SFR – Office 30k sq.ft. include retails

Cities:  CA (1), San Jose

BPO estimate: $8.9 mm

Loan: $5.0MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-69 – STATUS –Available 6/29/09

SFR – Office 30k sq.ft. include retail

Cities:  CA (1), San Jose

BPO estimate: $8.9 mm

Loan: $5.0MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-70 – STATUS –Available 6/29/09

SFR – Constr. Condos 15K sq.ft. include 6 units

Cities:  CA (1), Oakland

BPO estimate: $3.7 mm

Loan: $2.7MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-71 – STATUS –Available 6/29/09

Commercial – Multi-tenant retail & Office 2 bldg. 12.5K sq.ft.

Cities:  CA (1), San Jose

BPO estimate: $6.1 mm

Loan: $4.0MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-72 – STATUS –Available 6/29/09

Commercial – Multi-tenant retail 3 bldg. 34.7K sq.ft.

Cities:  CA (1), Sacramento

BPO estimate: $8.8 mm

Loan: $6.48MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-73 – STATUS –Available 6/29/09

Com. Constr 100% – Retail 11 unit bldg. 12.7K sq.ft.

Cities:  CA (1), Sacramento

BPO estimate: $4.2 mm

Loan: $2.18MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-74 – STATUS –Available 6/29/09

SFR Constr 38% – complete 4.4K sq.ft.

Cities:  CA (1), Bel Air

BPO estimate: $2.6 mm

Loan: 1.04MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-75 – STATUS –Available 6/29/09

SFR Constr 31% – complete 3.8K sq.ft.

Cities:  CA (1), Bel Air

BPO estimate: $2.7 mm

Loan: .9MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-76 – STATUS –Available 6/29/09

Com. Constr – Retail 29 unit 3 bldg. 34.2K sq.ft.

Cities:  CA (1), Santa Rosa

BPO estimate: $8.2 mm

Loan: 4.9MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-77 – STATUS –Available 6/29/09

LAND – 57 acres zoned RC for 17 acres development.

Cities:  CA (1), Riverside

BPO estimate: $13.6 mm

Loan: 10.9MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-78 – STATUS –Available 6/29/09

Com. Constr – 36 acres Zoned (M-2) 33 Industrial 3 Retail lots

Cities:  NV (1), North Las Vegas

BPO estimate: $25.4 mm

Loan: 15.98MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-79 – STATUS –Available 6/29/09

Com. Constr – 1.02 acres Zoned (A(PD)) 15 units (TH)

Cities:  CA (1), San Jose

BPO estimate: $3.3 mm

Loan: 2.73MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-80 – STATUS –Available 6/29/09

Com. Constr – Retail 2.76 acres 2 bldg. 30.0K sq.ft.

Cities:  CA (1), Tracy

BPO estimate: $15.5 mm

Loan: 7.34MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-81 – STATUS –Available 6/29/09

Com. Constr (14%) – 2.2 acres Zoned (RS) + 8 SFR included

Cities:  CA (1), Hayward

BPO estimate: $3.57 mm

Loan: 3.0MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-82 – STATUS –Available 6/29/09

Com. Constr – 2 bldg. 63.0K sq.ft. + 20K sq.ft. retail

Cities:  CA (1), Morgan Hill

BPO estimate: $ 1.3 mm

Loan: .7 MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-83 – STATUS –Available 6/29/09

SFR Constr – 10 Units 3b/2.5b 1,800+ sq.ft.

Cities:  CA (1), Los Angeles

BPO estimate: $ 6.2 mm

Loan: 4.43 MM

Price:  Make an offer and include 3% BPO fees

PACKAGE # 6-84 – STATUS –Available 6/29/09

SFR. Constr – 2 bldg. 350 units 730.0K sq.ft. condos retail

Cities:  FL (1), Miami

BPO estimate: $ TBD mm

Loan: TBD MM

Price: Exclusive Bank Sale – Must submit LOI with SPOF 250 mm contact information

Price:  Make an offer include 3% BPO fees

I spoke with Alex, Chairman of LP Source E in detail Tuesday morning, June 30th at 7:30AM. Alex mentioned that the VP of Business Development, Brenda, sister died and that she  had departed this morning for Texas. They expect to fund one or two of four projects next week: the projects range in size from $10 million to $454 million.

They are setting up the trust distribution and will be inviting each approved project to meet them next week.

I know that some are reluctant to pay fees but I am not about to work eight to 15 months incurring hundreds of thousands of dollars in expenses and have people bail without a minimum of expenses covered. With the global financial meltdown it’s taking considerably longer to fund projects. There are a multitude of hoops to pass through. Our fee is 1% of the amount applied for $25,000 maximum PER PROJECT, $100,000 maximum per client. This affords six months of coaching, mentoring, hamd-holding and access 50 hours a week to me personally.

Some opt to travel to Concord CA and invest a half day at $5,000: some a whole 10-hour day for $10,000. Use my 32+ years experience in financial services to your advantage. We have seven Large Project Funding sources. We have five Business Lines of Credit funding sources. We have hundreds of banks, hedge funds, private investors, asset based lenders, factors, hard money lenders, merchant cash advance companies and other alternative funding sources.

You’ll never know until you send an executive summary of one to four pages, and buy a minimum of one hours time at $1,000 an hour. You can make a direct deposit to our corporate Bank of America account or do what Sal did last week: he sent a $1,000 cashiers check from New York City.

This is an upcoming post that I prepared this morning as a future post on the www.joetufo.com subscription blog This educational resource should be used by you to learn how to fund projects.

Collateral for Credit Facilities $5 million minimum

by Joe Tufo[edit]

I’ve known Dane for a few years. he is one of five proof of funds providers that we do business with. This is an email that he sent me yesterday.

Do you have a transaction for which you require collateral?

Product Overview

We’ve just unveiled a new product to the marketplace which does not put the client’s initial funds at risk.  No funds are released from escrow until after an acceptable instrument has been received by the client’s lending institution from an acceptable issuing bank.

These instruments may be used as the primary and/or only source of collateral for a credit facility.  Do you have a transaction for which you are trying to obtain funding through your lender and need a source of collateral that’s safe and reliable?

The issuance fees are not put at risk, they are simply put into any mutually acceptable third party escrow account where they will stay until acceptable collateral is delivered as agreed; We may even be able to allow an acceptable bank pay order for the payment of fees contingent upon delivery of acceptable collateral.

Our bank communicates with your bank prior to deployment and execution of agreements.  We are not leasing or joint venturing to provide assets, we are issuing our clients’ lender an irrevocable guarantee of principal and interest paid at maturity.

The bank instruments can be used for any legitimate, legal financial transaction where a client has the ability to get a loan with his lender with acceptable collateral.  Read below for additional details.

Requirements

1. Client must have their bank financing arranged conditionally upon the presentation of acceptable collateral from an acceptable bank.

2. Client must provide a conditional commitment letter from their bank addressed to the client (sample format attached)

3. Client must have 1.75% of the required instrument.

Steps

1. Client applies to POF

a. Client provides POF letter of intent

b. Client provides POF a completed application and supporting documents

2. POF issues documents to the client

a. Term sheet

b. Letter of Intent

c. Engagement fee request letter

d. Sample conditional commitment letter

3. Client sends $10,000.00 non-refundable engagement fee to POF.

4. Client sends POF the conditional commitment letter provided by the bank.

5. Client moves their 1.75% of the required instrument size to an acceptable escrow attorney. Escrowed monies are not released from escrow until after the instrument is delivered.

6. POF’s bank contacts the clients bank at the coordinates provided in the conditional commitment letter.

a. Banks discuss and come to terms on acceptable instrument text.

b. Banks discuss and come to terms on acceptable instrument transmission (delivery).

7. POF orders its bank to initiate and finalize the transaction between the banks.

8. POF’s bank delivers the instrument of principal and interest to the clients bank.

9. Client’s receiving bank receives the previously agreed upon bank debt instrument upon acknowledging its acceptance confirms this with its client and escrow attorney.

10. Client’s 1.75% is released from escrow to POF.

11. 15 Days from the date of the banks acceptance and acknowledgment of the bank debt instrument, the client releases 6.75% to POF.

12. Client’s bank funds the loan

13. Client bank deposits the proceeds of the loan into the bank who issued the bank debt instrument or to mutually consented coordinates from which monetary draws will be made by the client in conformity with his transactional requirements.

14. On the 91st day the client begins making principal and interest payments at LIBOR (+ floating rate*) to POF or to its order until the loan has been paid as agreed.

15. Client’s bank perfects payment on the bank instrument at its maturity date (12 months from its date of issue).

Footnote:

*Floating Rate would be determined in review of the transaction after we’ve received the bank letter and our bank has communicated with the clients bank.

Issuing Banks

1. HSBC in London

2. HSBC in New York

3. JP Morgan Chase in New York

4. Wells Fargo Bank in California

Pricing is a moderate total of 8.5% for the use of the instrument and on month three the client begins making principal and interest payments at Libor + a floating rate (*Floating Rate would be determined in review of the transaction after we’ve received the bank letter and our bank has communicated with the clients bank.)  There are several benefits to the structure we are not offering.

1. Once the clients bank provides the client the conditional commitment letter our bank opens up a line of communication to agree upon instrument type, text and delivery protocols.

2. Transactions can be as small as $5 million United States Dollars.

3. You can spend your time with clients that have real closeable transactions, clients do not lose money and we do not lose time spent on clients with no transactions.

4. Other than the engagement fees which covers expenses of the attorney documentation, initial due diligence, etc., No moneys are released from escrow until the clients bank receives the acceptable collateral from a bank acceptable to them.

5. There is bank to bank communication by phone, fax and/or Swift prior to entering into a final contract with POFLLC to make sure POF and the client are not wasting any time or energy.

6. The client makes no payments to his lender whatsoever.

7. The instrument can be the primary and/or only collateral used to support the clients credit facility.

8. The client can get a loan from many different types of creditors to include but not limited to the following.

a. Banks

1. Private Banks

2. Commercial Banks

3. Retail Banks

4. Investment Banks

5. Central Banks

b. Credit Unions

c. Saving & Loan Banks

d. Angel Investors

e. Equity Investors

f. Brokerage Firms

g. Hedge Funds

h. Investment Funds

i. Pension Funds

j. Venture Capital Firms

k. Private equity firms

Submit an application today along with documentary evidence of your ability to pay the 1.75% upon receipt of an acceptable instrument.

Regards,

Dane

Sample Commitment Letter

[CLIENT’S BANK LETTERHEAD]


[Client’s name]
[Client’s firm]
[address, telephone, fax, email]

Date: dddddddd

Dear [Client name]:

Having reviewed and evaluated [the property or transaction], subject to receiving a Guarantee supplied by a first class Bank acceptable to us for the purpose of the repayment of principal and interest, we shall extend to [Client’s firm] a one year loan in the sum of $ [000,000,000] for its ventures.

It is understood that we shall receive and that we shall accept a confirmation only from a first class Bank, for the irrevocable transfer of the Guarantee, guaranteeing the repayment at maturity of the loan principal plus the agreed upon interest rate of ___%, with a Certified Copy of the actual Guarantee, and that the original will be lodged and assigned on the Custodial Safekeeping Receipt, from a deposit account with the agreed top bank, to us.

The face value of the Guarantee must represent principal plus interest of the loan advanced and must be payable, at maturity, in one year and one day from its date of issue.

Funds will be disbursed by our bank to the bank supplying the Guarantee (or to mutually consented coordinates) upon our authentication and identification of the guarantee offered to us.

Unless a Bank-to-Bank communication is received by us from the Bank that will supply the guarantee, this commitment will terminate on [MM/DD/YY] at the end of the business day in New York, USA.

For verification of this communication and confirmation of our willingness to proceed with this loan offer, please request that the Bank that will supply the Guarantee make contact with:

Bank officer :

Phone No. :

Fax No.  :

SWIFT ID :

Sincerely,

[TITLE OF BANK OFFICER]       [TITLE OF BANK OFFICER]

[SEAL]

Joe Tufo June 26, 2009 at 9:33 am [edit]

If you need collateral to secure funding for a large project this is the tool for you to use.

The largest POF that we have funded to date was $500 million in December 2008. We have
several sources.

eZs3

This is a Referral Partner Welcome Letter that we send out. It has hyperlinks for several of our sites:

Referral Partner Welcome

Hi,

My name is Joe Tufo. I’m president of Cash Flow Specialists, Inc. of Concord CA. We are located 30 miles due east of downtown San Francisco.

I started this company July 1, 1999 after selling my insurance agency that I owned for 22 years. We were initially incorporated as a C-Corp in NV. I re-incorporated in CA February 2009 as a Subchapter S Corp.

I am not perfect. Here is proof of a personal screw-up in my own life:

http://joetufo.com/blog/medco-explanation

I do the very best that I can to serve you and the clients that you refer. I work 7AM to 5PM Pacific M-F. The toll-free number to our office is 1-800-669-2700. The direct dial number to my desk is 925-691-8200. When I am not in the office calls forward to my cell phone.

You can email me at either help@joetufo.com or joe@joetufo.com I receive hundreds of emails a day and do my best to answer each. if you do not receive a written reply kindly call me and I’ll find the email and respond. Thank you.

I return all morning calls and emails from 11AM to 12 noon and all afternoon calls and emails from 4PM to 5PM.

If you would like to purchase consulting time for you and/or your client visit www.joetufo.com/consulting If you need coaching visit www.joetufo.com/coaching or www.successbehaviors.com

We have a popular website at www.joetufo.com/blog If you want to learn about most of our products and services you should subscribe to the blog. New content is added several times a month. It’s a great place to refer prospective clients to inculcate them to our way of doing business. We are adding video to explain each post and page.

I encourage you to enroll at www.joetufo.com/subscribe to learn about our products and services. Listen to the video on the site.

To view videos on our products and services visit www.joetufo.com/youtube

We are adding a second site for referral partners only. This will also be a subscription site. Soon you will be able to earn commissions through Click Bank for selling our books, templates, and courses. It can be a tool to supplement your income.

www.joetufo.com/roadmap will give an overview of our products and services. There are hyperlinks to other sites complete with video. We tweak the map by adding products and services so you’ll want to check back often. It’s a good starting point to refer clients.

www.joetufo.com/powerfunding is a great tool for borrowers to become pre-qualified. Glenn & Mary just got $100,000 approved on a credit line and $150,000 on a grant using that program.

We have many other websites some of which are featured on the www.joetufo.com/blog

I’ve attached the referral partner paperwork. Kindly complete and email back.

For REO’s go to the www.joetufo.com/blog site I list all inventory. Get a LOI on the principle’s letterhead and an absolute proof of funds not more than three business days old.

For green projects read everything on the blog site especially references to large projects check www.projectfundingoptions.com and the www.joetufo.com/roadmap site andwww.greenprojectsfunding.com

For credit lines other than BLOC E visit www.joetufo.com/blog We have a new site that we are populating at www.workingcapitalfast.com We have access to merchant cash advance, asset based lenders, hard money, factoring and more alternative sources that fund in 30 days or less.

Dale and I wrote a book on FOREX visit www.thebasicsofforex.com

95% of our business comes from referral and the balance comes from my public speaking engagements.

As always I am here to serve you and those whom you choose to refer to us.

May God bless you exceedingly, abundantly above whatever you may think or ask.

Yesterday I received a cashier’s check from the owner of a limousine company in NYC who needs $1 million to expand his business. Visit www.joetufo.com/consulting to purchase blocks of consulting time.

I’m hired periodically to help companies launch or expand. Yesterday, a former BLOC funding source contacted me to help them expand other business operations across the USA. I’ve referred a friend who will run Northern CA operations as VP of Marketing.

If you have a project that requires my expertise in running financial services companies we can discuss my availability to serve. I’m usually retained for 10 to 20 hours a month. Rates are posted atwww.joetufo.com/consulting

One of the six major project funding sources, LP Source E,  recently began funding four or our clients more than $876 million. For your edification we charge a modest 1% fully earned, non-refundable business consultation fee to offset our business expenses. We are not in the Fee Business and we are not in the Work for Free Business.

I have found that the clients who pay the fee are committed and the ones that won’t feel that if one is good 10 is better. They frequently “shotgun” their submission and pit one funding source against another wasting precious time. Historically 3% of transactions using this approach fund and close. I am not going to waste my time 97%.

We credit the expense fee against commissions earned. What do you think I’m interested in?  The average funding is $219 million. We normally earn 1.5% gross before paying referral commissions. Our normal commission is 1.5% which translates to $3.29 million per transaction. These large projects take eight to 15 months to fund with LP Source E in my experience.

You have three options when you work with me:

1. Subscribe to www.joetufo.com/blog I publish how we get projects funded. The cost is presently $4.95 for the first two weeks, and $97 a month thereafter

2. Sign up for consulting time at www.joetufo.com/consulting The cost is currently $1,000 an hour.

3. Belly up to the bar and pay the 1% which provides six months of consultation and mentoring services for each project that you submit.

We have four active sources for business lines of credit. More often than not credit scores play an important role in funding success. My best advice is for you to target a minimum 730 FICO score. It will make a huge difference in your approval rate, funding cost, terms, conditions, and the amount funded.

If you don’t have a minimum 730 score with all three credit bureaus you should  go to www.themackfinancialgroup.com/tufo and invest the money to clean up your personal and business credit.  Your personal goal should be to have an 800 FICO score.


You should also consider investing the current $1,750 for the www.joetufo.com/powerfunding process. A Florida CPA received $100,000 in credit lines and $150,000 in grant money last month. What about you?


We have direct access to one of only 10 nationwide brokers with direct access and appointment by the FDIC to liquidate commercial and residential REO’s. We have 99 packages available. If you have an interested client we will need a LOI on their letterhead and absolute proof of funds not more than three days old.


Our niece, Tanya Palermo, is marrying her college sweetheart, Oscar Maria July 5th in Coronado CA. Bonnie and our two youngest children Katie, age 11, and Mike, age 9, flew in from Milwaukee Tuesday evening June 23rd. They will return to WI August 25th.


Bonnie and I were married for more than 34 years. I have asked her to re-marry me.  She divorced me November 2, 2007. She has been the great love of my life for more than 40 years.


If you live in Southern CA and want to meet with me kindly call me at 925-352-6000 which is my cell phone. You will need to come to me. Thank you.


We have several sources for Accounts Receivable Lines of Credit. I received a call this morning from a banker here in the SF Bay Area whom I’ve known for a few years. His rates are the lowest that I have seen. I’ve written several articles that will be posted at www.joetufo.com/blog that will be appearing in the next two weeks.


INDUSTRIES WE SERVE

  • Manufacturers
  • Staffing
  • Transportation




  • Technology
  • Service Providers
  • Distributors

  • Wholesalers



If we can be of service to you in any way kindly call M-F 7AM to 5PM Pacific.


Categories
In The News REO

Available Bulk REO & Performing Note Packages June 2009

This is a Sanitized Summary of Available Bulk Packages.

Make an offer regardless of the sales price or asking price!

To review tape: Make offer in the form of a “Letter of Interest” (we can provide) and sign the Mutual Non-Disclosure Agreement (we provide) and be prepared to provide Soft Proof of Funds for Seller review.

We have access to FDIC liquidation event properties, one of only 10 invited buyers.

We have earned this relationship through years of profitable business and only serious Buyers will be offered this opportunity.

If you want our representative to pull product for you at this event we need the required documentation from you.

A simple Letter of Intent detailing the product class and geographical area desired and absolute hard proof of funds in the amount you intend to use for the acquisition.

Section I. Your LOI (sample attached);

1. Identify the actual Buyer who will be delivering hard proof of funds.

2. Identify the product class you wish to purchase from the list below and the amount of capital you will spend on that inventory type. If you select more than one property class, identify separate capital amounts for each class.

3. Identify the Geographic location in which you wish to purchase, however reducing your take area will reduce the inventory available.

4. If you have a Buyer’s mandate or representative they must be named and the amount of fee to be paid to them disclosed.

5. The due diligence period is 14 days from inventory access to hard contract.

Section II. Property Classes;

A. Performing Commercial Notes        B. Non Performing Commercial Notes

C. Performing Residential Notes         D. Non Performing Residential Notes

E. Performing Corporate Notes           F. Non Performing Corporate Notes

G. REO Residential 1-4 Units             H. REO Multifamily 5-20

I.   REO Multifamily 20+                     J. REO Commercial/Retail

K.  REO Commercial/Office                L. REO Commercial/Industrial

M. REO Commercial Development      N. REO Residential Development

O. REO Vacant Land                         P. REO Business Hotel/Motel/Convenience

Q. Accounts Receivable                     R. Personal Property Auto/Boat/RV/Airplane

S. Personal Property Inventories         T. Mobil Home Park/RV Parks/ Recreational

Section III. Geographical Identification

A. Western States                              B. Southwest

C. Central States                                D. Northwest

E. Eastern States                               F. Northeast

G. Southeast                                      H. Southern

I. Rust Belt                                         J. Alaska, Hawaii

K. Name States in order of preference

Section IV. Required Institutional Hard Proof of Funds

A. Depository Statement in name of Buyer

B. Brokerage Account Statement in name of Buyer

C. Depository or Brokerage Name, address, phone number, Contact Name, Position and phone number (of Personal Banker, Account Manager or Corporate Counsel)*

*If you elect option C and your contact does not hard proof your funds by affidavit or method A or B no product will be pulled for you.

Section V. Procedure

A. Your LOI properly completed with signature must be received via e-mail.

B. The representative will be purchasing as a principal and it will take at least 3 days for the Inventory he acquires to be split out to the respective Buyers.

C. When the breakout is completed your package information will be forwarded to you.

D. In all purchases, there will be a 14 day Due Diligence period prior to hard contract and you do not have to close on inventory not in compliance with your LOI.

Many of you have been waiting for actual, well valued inventory to be available.

This is the best opportunity we have seen for our clients to purchase pre bid inventory on a wholesale level.

There will be no purchases made unless all the above documentation has been delivered. If you are unable to complete the list above in the given time frame please complete the documentation listed above in order to be ready for the next round.

There is no guarantee that this opportunity will occur again but should it occur, there will be very little notice. The selling prices should amaze you, the contact is direct and our representative was invited and approved by the FDIC. Time is of the essence.

Here is an example of the LOI we need:

Company Letterhead: LOI must be on

Date:  Jxxx XX, 2009

From:  Companies Name

Attn:  Joe Tufo, President: Cash Flow Specialists, Inc.

Property Type: Include all the property types interested in

Purchase price: describe property (e.g. sfr, commercial, office) then put in the range that you are willing to pay (e.g. 30-60 ltv off of unpaid balance, or BPO etc)

Then language something to the effect of –   Please provide us the data of all “bulk” trade properties available for acquisition. The outline below is a summary of what we are looking for:

1. Order Amount:

2. Property type:

3. Price Ranger per asset: e.g. homes between 100k-350k

4. property condition: no rehab, light rehab

5. LTV: range you are willing to buy

6. Occupancy :

7. Preferred Geographical Location:

8. Financing:

9. proof of funds ( reputable banking institution, contact name, and account number to verify )

We are looking to establish a long term client relationship and acquire quality properties at a volume discount.

Please contact me with any questions, concerns or comments. Thank you.

CEO

Company

Address

Numbers

REO SFR Package

25 SFRs and couple of duplexes All in GA.

BPO to be determined in Escrow estimated value is 2.7 million

Sales Price = $1,334,270

PACKAGE # 5-4j — AVAILABLE — 6/09/09

REO unfinished Condos Package with 10K commercial leased 20+ years

70+ SFR all in downtown Los Angeles, CA

Units are 800 to 1500 square feet

BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4k — AVAILABLE — 6/04/09

REO SFR

28 SFR in GA, NC, VA,WV, MD,

BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4L — AVAILABLE — 6/9/09

REO SFR

103 SFR in AZ, CA

BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4m — AVAILABLE — 6/9/09

REO 10 SFR in NV

BPO to be determined in escrow (make an offer)

Owner estimate $1.4 million

Make offer Plus 3 % in fees

PACKAGE # 5-4n1 — AVAILABLE — 6/9/09

REO SFR – 22 SFR in CA, Los Angeles

BPO estimate $7,039,000

Asking Price: $4.426 million

Make offer Plus 3 % in fees

PACKAGE # 5-4o1 – PENDING — 6/9/09

REO SFR – 7 SFR in Los Angeles, CA

BPO to $982,205

Asking Price: $879,278

Make offer Plus 3 % in fees

PACKAGE # 5-4p — PENDING — 6/09/09

REO SFR – 10 SFR in Los Angeles, CA

BPO to $3.273 million

Asking Price: $1,816,499

Make offer Plus 3 % in fees

PACKAGE # 5-4r — AVAILABLE — 6/09/09

REO – 97 Florida SFR

BPO to be determined in Escrow

Seller will accept 60 cents of current BPO

Make offer Plus 3 % in fees

PACKAGE # 5-4s – SOLD — 6/09/09

REO 102 SFR –  AL (5), CA (1), CO (1), FL (2), GA (3), IA (2), IL(34), IN (3), KS (3), KY (4)MA (1), ME(1),MI(6),MN(3), MO (4), NY (1), (9)

Asking price with fees is $896,000.00

Private Investor Sales

Make offer fees included

PACKAGE # 5-5 — STATUS –AVAILABLE 6/09/09

Non Performing Note Package Multi-family & Commercial assets including:

States and quantities in those states: CT(7), FL (2), IL (3) , NJ (12), NY(22), PA( 2)

Apartments, Multi-family plus small retail, and office

49 notes valued at $57,044,686 – LTV average 70%

Priced at 81 cents on the dollar = $46,206,196

To review tape make an offer in the form of an Letter of Interest (LOI) and provide SPOF contact information in the LOI.

PACKAGE # 5-6 — –AVAILABLE 6/09/09

Performing Hotel 1st Trust Deeds for sale both borrowers

1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to

$2,473,910 – Available

Available for 81 cents on the dollar.

To review tape:

Make an offer in LOI for and include contract POF information.

PACKAGE # 5-10 — STATUS –AVAILABLE 6/09/09

Performing Hotel and Retail Notes for Sale

A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85 to 90% of their face value.

Floating Senior Loans

1)    Retail Portfolio- SR. Participation  20 retail centers, Various

2)    Mall 40+ Retail, VA

3)    Industrial Manufacturing Portfolios , 60 industrial located in, IN, KS, MD

4)    Industrial Portfolios , 41 industrial located in, Various states

Floating Rate B- Notes

1)    Hotel Portfolio Mezzanine, 42 hotels in Various states

2)    Virginia Mall Mezzanine, 44 Retail

3)    NYC Hotel Mezzanine, 27 hotel

4)    Florida Retail, 38 retail

5)    Pennsylvania Office, 33 office

6)    International Hotel, 57 hotels

7)    International Hotel, 57 hotels

8)    Metropolitan Office Mezzanine, 36 offices

9)    Metropolitan Office Mezzanine, 36 offices

10)  Luxury Hotel Mezzanine , 39 hotels

11)  Luxury Hotel Mezzanine , 39 hotels

12)  Luxury Hotel Mezzanine , 39 hotels

13)  Metropolitan Hotel Mezzanine, 27 hotels

14)  Metropolitan Hotel Mezzanine, 27 hotels

15)  Hawaii Hotel B-note, 39 hotel

16)  Hawaii Hotel B-note, 39 hotel

Fixed Loans

1)    Michigan Office , 105 Offices

2)    Ohio Offices , 107 Offices

PACKAGE # 5-26 — STATUS –AVAILABLE 6/09/09

Performing Notes for sale Arkansas

Hospital Performing

Payers credit over 700 FICO

Remaining Balance $107,000

Make offer

PACKAGE # 5-27 — STATUS –AVAILABLE 6/09/09

Performing Notes for sale Washington DC – 83,411 Square Feet

south of Class B Washington DC Suburban Office Property — 83,411 SF

$7.8M Owners valuation – Property is 100% occupied

Bank is willing to take 20% off, we are direct to bank

ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

PACKAGE # 5-28 — STATUS — AVAILABLE 6/09/09

REO SFR LAND package

233 SFR Lots located in various states  FL, NC,SC,

Owner BPO  =$6.1.million

Make offer Plus 3 % in fees

PACKAGE # 5-29 — STATUS — AVAILABLE 6/09/09

REO Commercial LAND package

18 Lots located in various states  FL, NC,SC,

4 commercial, 3 office buildings, 3 Convenience stores

Owner BPO  =$71.3.million

Make offer Plus 3 % in fees


PACKAGE # 5-30 — STATUS — PENDING 6/09/09

REO SFR Los Angeles, CA

99 Single Family homes

BPO = 20,788,073

Price = 11,433,440

3.0% fees included in the Price

zip codes:90001,90002,90003,90026, 90037, 90011,90016 90018,90022,90032,90042,90044,90047,90059,90060,90061,90063,90065

PACKAGE # 5-31 — STATUS — PENDING 6/09/09

REO SFR Orange County, CA

73 Single Family homes 3+ bedroom, 2+ Baths

BPO = 26,354,574

Prices = 15,285,652

zip codes: 92831,92832,92833,92835,92675, and 8 SFR total in 91723,91724,91722,91724

PACKAGE # 5-32 — STATUS — AVAILABLE 6/09/09

REO COMMERCIAL Orlando, FL

5K Sq.ft., 1+ AC Historic 2 Story

BPO = $4.9 million

Asking = $3.3 Million

PACKAGE # 5-33 — STATUS — AVAILABLE 6/09/09

REO COMMERCIAL Spartanburg, SC

30K Sq,ft. Hotel

BPO = $20 million

Asking = 18.00 Million

PACKAGE # 5-34 — STATUS — AVAILABLE 6/09/09

REO COMMERCIAL Columbia, SC

7+K Sq.ft. Restaurant

BPO = $1.7 million

Asking = $1.15 Million

Fees included

PACKAGE # 5-35 — STATUS — AVAILABLE 6/09/09

REO COMMERCIAL Tampa, FL

16K Sq.ft., Office Building

BPO = $1.0 million

Asking = $690K

Fees included

PACKAGE # 5-37 — STATUS — available  6/09/09

REO COMMERCIAL , NC

2,8K Sq.FT. Convenience store

BPO= $525K

Asking = $ 357K

Fees included

PACKAGE # 5-38 — STATUS — available  6/09/09

REO COMMERCIAL, GA, 4.3K Sq.ft. commercial building

BPO= $370K

Asking = $ 251K

Fees Included

PACKAGE # 5-39 — STATUS — available  6/09/09

REO COMMERCIAL, SC, 2.3K Sq.ft. convenience store

BPO= $350K

Asking = $ 231K

Fees Included

PACKAGE # 5-40 — STATUS — available  6/09/09

REO COMMERCIAL , NC, .8  AC. Convenience store

BPO= $370K

Asking = $ 251K

Fees Included

PACKAGE # 5-41 — STATUS — available  6/09/09

REO COMMERCIAL , FL, 4.3K Sq.ft. Office building

BPO = $380K

Asking $258K

Fees Included

PACKAGE # 5-42 — STATUS — updated  6/09/09

REO COMMERCIAL , NC, 2.8K Sq.ft. Convenience store

BPO= $274K

Asking $191K

Fees Included

PACKAGE # 5-43 — STATUS — available 6/09/09

REO COMMERCIAL , SC, 5K Sq.Ft.  Restaurant

BPO = 350K

Asking = $228K

Fees Included

PACKAGE # 5-44 — STATUS — available  6/09/09

REO COMMERCIAL , NC, 1.2K Sq. Ft. Office

BPO = $220K

Asking =$149K

Fees Included

PACKAGE # 5-47 — STATUS — available  6/09/09

REO 48 SFR – New York properties in – Bronx (6), Brooklyn (11), Far Rockaway (6), Floral Park (1), Jamaica (5). FARMINGDALE (1), FREEPORT (3), SAINT ALBANS (1), Cambria Heights (1), East Elmhurst (1), Pleasant Valley (2), POUGHKEEPIE (8), South Ozone Park (3),

BPO estimate: $14.5 million

Price:  Make an offer and include 3% fees

PACKAGE # 5-48 — STATUS — corrected  6/09/09

REO 12 projects in New York State some unfinished, total of 301 Apartments, 1 Commercial Condo

Cities:  NYNY (3), Brooklyn (5), Flushing (2), Yonkers (1), Jersey City (1)

BPO estimate: $70.9 million

Price:  Make an offer and include 3% fees

PACKAGE # 5-49 — STATUS — Revised  6/09/09

Non Performing (35) Notes

Colorado and Arizona – Commercial (3), Retail (3), Lots (8), SFR (13),Multi-Family(3), Retail (3), Office (4), Estate (1)

LTV % average 75%

Loan Value total is $57.6 million

Price:  Make an offer and include 3% fees

PACKAGE # 5-50 — STATUS — available  6/09/09

14 Waterfront Condos and boat lifts. The project is 85%, FL

BPO finished in 2008 = $7.5 million

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-1 — STATUS — available  6/09/09

Non Performing Notes

14 office and retail New Units. 20,000+ sq.ft., FL

BPO to be determined in Escrow

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-2 — STATUS — available  6/09/09

Non Performing Notes

9 Condos 1,600+ Sq.Ft., FL

BPO to be determined in Escrow

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-3 — STATUS — nonexclusive  6/09/09

Non Performing Notes

150+ room Hotel , FL

Recently Remodeled

BPO to be determined in Escrow

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-4 — STATUS — available  6/09/09

Non Performing Notes

3 Condos 2,000+ Sq.Ft., FL

Recently Remodeled

BPO estimated $340,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-5 — STATUS — Updated  6/09/09

Non Performing Notes

75+ unit Apartment building FL

BPO estimated $7,550,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-6 — STATUS — available  6/09/09

Non Performing Notes

1 Condo 4 bed ,3.5 baths(5,100+ Sq.Ft). FL

BPO estimated $1,250,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-7 — STATUS — available  6/09/09

Non Performing Notes

2 Commercial building(16,100+ Sq.Ft). FL

BPO estimated $1,350,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-8 — STATUS — available  6/09/09

Non Performing Notes

13 Condos (1,100+ Sq.Ft). FL

BPO estimated $1,490,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-9 — STATUS — nonexclusive  6/09/09

Non Performing Notes

11 Unit Strip Center (12,000+ Sq.Ft). FL

BPO estimated $1,890,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-10 — STATUS — nonexclusive  6/09/09

Non Performing Notes

1 Warehouse Flex Space(14,000+ Sq.Ft). FL

BPO estimated $968,153.00

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-11 — STATUS — available  6/09/09

Non Performing Notes

1 Warehouse Flex Space(14,000+ Sq.Ft). FL

BPO estimated $968,153.00

Ex


PACKAGE # 6-12 — STATUS — available  6/08/09

Non Performing Notes

1 Medical  office building 4,000 Sq.Ft.. FL

BPO to be determined

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-13 — STATUS — available  6/08/09

Non Performing Notes

2 Building office complex (3,340+ Sq.Ft). FL

BPO estimated $524,900

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-14 — STATUS — available  6/08/09

Non Performing Notes

5 Condos 2/2 (950 Sq.Ft.) FL

BPO estimated $400,900

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-15 — STATUS — available  6/08/09

Non Performing Notes

20 units in 3 building FL

BPO to be determined

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-16 — STATUS — nonexclusive  6/08/09

Non Performing Notes

1 Office condo 2,500+ Sq.Ft.  FL

BPO to be determined

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-17 — STATUS — available  6/08/09

Non Performing Notes

1 SFR (2300+ Sq.Ft.)  FL

BPO estimated $575,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-18 — STATUS — available  6/02/09

Non Performing Notes

1 Office condo 2,500+ Sq.Ft.  FL

BPO to be determined

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-19 — STATUS — available  6/08/09

Non Performing Notes

1 Townhome (1200+ Sq.Ft.)  FL

BPO estimated $375,000

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-20 — STATUS — available  6/02/09

Non Performing Notes

1 Townhome (2500+ Sq.Ft.)  FL

BPO to be determined in escrow

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-21 — STATUS — available  6/02/09

Non Performing Notes

1 SFR (2200+ Sq.Ft.)  FL

BPO = 290K

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-22 — STATUS — available  6/08/09

Non Performing Notes

1 SFR (2400+ Sq.Ft.)  FL

BPO = 200K

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-23 — STATUS — available  6/08/09

Non Performing Notes

1 Commercial Building  (1600+ Sq.Ft.)  FL

BPO = 270K

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-24 — STATUS — available  6/08/09

Non Performing Commercial Notes

Pool value at 146 Million

24 notes,

States: NYNY, Bronx, Staten Island, Brooklyn, Ashbury Park, Jersey City, Ft Selenga, NY

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer include 3% fees

PACKAGE # 6-25 — STATUS — available  6/08/09

Non Performing Notes

44 Townhomes with 2 car Garage (1800+ Sq.Ft.)  CA

Loan Balance 14.1MM

Status: 95% Complete

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-26 — STATUS — available  6/08/09

Non Performing Notes

2 notes New York, NY —

(1) Commercial office BPO = 66.1MM-LTV(68%),

(1) Multi-family BPO =77.3MM-LTV(49%)

Combined Loan Balances 64.4 MM

Status: Complete

Exclusive Bank Sale — Must submit LOI with SPOF contact information

Price:  Make an offer and include 3% fees

PACKAGE # 6-27 — STATUS — Available 6/9/09

REO SFR 16+ state, Heavy in OH,MI, and PA

1096 Single Family homes

BPO = $70M This is a owner estimate

Price = 12.6 mm

Make an offer include 3.0% fees

PACKAGE # 6-28 — STATUS — Available 6/9/09

REO  state, Heavy in NV Las Vegas, Henderson, Reno, North Las Vegas

14 Single Family homes

BPO = 3..8M This is a owner estimate

Price = 1.1 mm

Make an offer include 3.0% fees

PACKAGE # 6-29 — STATUS — Available 6/9/09

REO  state, Heavy in AZ Maricopa,

87 Single Family homes

BPO = 11.1 mm This is a owner estimate

Price = 5.5 mm

Make an offer include 3.0% fees

PACKAGE # 6-31 — STATUS — Available 6/9/09

REO  state, Heavy in CA Southern California,

172 Single Family homes

BPO = 42.8 mm This is a owner estimate

Price = 26.28 mm

Make an offer include 3.0% fees

PACKAGE # 6-32 — STATUS — Available 6/9/09

REO  state, Heavy in Orange County, Southern California,

60 Single Family homes

BPO = $23.8 mm This is a owner estimate

Price = $16.41 mm

Make an offer include 3.0% fees

PACKAGE # 6-33 — STATUS — Available 6/9/09

Performing Note Commercial Pool,

17 notes secured by Office, Hotel, anchored and un-anchored Retail

Loan Balance = $629.31 mm

Appraised Property collateral Price = $861.26 mm

Make an offer include 3.0% fees

PACKAGE # 6-34 — STATUS — Available 6/9/09

Performing Note Hotel Pool,

5 notes secured by (4)Hotel, FL and Cayman Islands

Loan Balance = $226.31 mm

Appraised Property collateral Price = $661.1 mm

Make an offer include 3.0% fees

PACKAGE # 6-35 — STATUS — Available 6/9/09

Performing Note Hotel Pool,

1 notes secured by (1)Hotel, State AZ

Loan Balance = $13.6 mm

Appraised Property collateral Price = $17.5 mm

Make an offer include 3.0% fees

PACKAGE # 6-36 — STATUS — Available 6/9/09

Performing Note Multi-Family Pool,

8 notes secured by (8)Properties State LA, ID, SC, IL, OH, CA

Loan Balance = $172.4 mm

Appraised Property collateral Price = $238.19 mm

Make an offer include 3.0% fees

PACKAGE # 6-37 — STATUS — Available 6/9/09

Performing Note Commercial Pool- Ohio

1 notes secured by (2) apartment complexes (245+ units)

Loan Balance = $9.26 mm

Appraised Property collateral Price = $14.56 mm

Make an offer 82% plus 3.0% fees

PACKAGE # 6-38 — STATUS — Available 6/9/09

Non- Performing Multi-family Notes for Sale

A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 55 to 70% of their face value.

1)     21 Units, Location CT

2)     24 Units, Location CT

3)     60 Units, Location CT

4)     84 Units, Location CT

5)     Mixed use, Location NJ

6)     72 Units, Location NJ

7)     Mixed use 18 Units, Location NJ

8)     7 Units, Location NJ

9)     25 Units, Location NJ

10)   13 Units, Location NJ

11)   5 Units, Location NJ

12)   7 Units, Location NJ

13)   5 Units, Location NY

14)   28 Units, Location NY

15)   16 Units, Location NY

16)   11 Units, Location NY

17)   10 Units, Location NY

18)   6 Units, Location NY

19)   Mixed use 2 commercial and 6 Units, Location NY

20)   10 Units, Location NY

21)   7 Units, Location NY

22)   9 units , Location NY

PACKAGE # 6-39 — STATUS — Available 6/9/09

REO state, Georgia,

150 Single Family homes

BPO = $35.65 mm This is a owner estimate

Price = $21.19 mm

Includes 3.0% fees in price

PACKAGE # 6-40 — STATUS — Available 6/9/09

Non-Performing (Foreclosure) in progress, State MI

Hotel 390+ Rooms with conference center

10 MM Non performing Debt Facility A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 35 to 50% of their face value.

PACKAGE # 6-41 — STATUS — Available 6/9/09

Non-Performing (Foreclosure) in progress, US Territory

Hotel (Flagged) (425+) Rooms with conference center

Non performing Debt Facility Via Bank

Financing is available with 11 million down good terms available

08 Storm damaged to be repaired 5 million required

BPO = $61.7 million

Price= $26.5 million

Make an offer 43% includes all fees

PACKAGE # 6-45 — STATUS — Available 6/10/09

Performing Note Pool,

2 notes secured by Long Beach CA. 4-plex and duplex

Loan Balance = $600K

Sale Price = $480K

Make an offer include 3.0% fees

PACKAGE # 6-46 — STATUS — Available 6/10/09

Performing Note Pool,

1 note secured 1st deed Hotel Kingsland GA

Loan Balance = $3.1mm

Due in 2017

Make an offer include 3.0% fees

PACKAGE # 6-47 — STATUS — Available 6/10/09

REO Land,

101 Parcels, FL, SC, NC

134 Residential Lots

338+ Acres

Appraised = 18.2mm

BPO = $6.1mm

Sales Price = 2.62mm

Make an offer include 3.0% fees

PACKAGE # 6-48 — STATUS — Available 6/11/09

REO state, GA, IL, IN, AZ, AR, FL, MO, MS, NJ,NY,OK,PA

212 SFR

BPO = To be determined in Escrow

Price = $ 4.12mm

Make offer and add 3.0% fees in price

PACKAGE # 6-49 — STATUS — Available 6/11/09

REO state, MI and OH

406 SFR

BPO = $ To be determined in Escrow

Price = $ 2.1mm

Make offer and add 3.0% fees in price

These are ALL the lists that I have as of June 20th. I have not taken them apart to see which are duplicates yet. Some of you have requested an updated list, right Brett? This is the best that I could get on a weekend.

Categories
Approvals Business Lines Of Credit In The News Large Projects Money Available Preparation Real Estate Projects Referral Partners REO

The Perfect Storm: Unprecedented Opportunity, Hundreds of Millions Funding Now, REO Availability, POF, BLOC $50k to $150k, CFSI – 10 Year Anniversary

Greetings from the sunny, warm San Francisco Bay Area where temperatures are in the high 80’s.


I’m pleased to report that four of our large projects are funding at this time: they range from $10 million to $454 million.

If you have a large project that you need funded you’ll want to visit www.joetufo.com/blog and subscribe. You’ll want to read “How We Do Business” on that site. You may also want to visit www.joetufo.com/roadmap

While it might look like a tough time for the national and global economy I believe that we are encountering the perfect storm for entrepreneurship.

I recently read a poll which I wholeheartedly agree with. Americans were asked, “Who will lead us to a better future?“ 63% believe it will be small businesses and entrepreneurs compared to only 21% for large corporations.

I’m certainly not surprised by the outcome of this poll as I’ve been working with entrepreneurial small business owners for 10 years with Cash Flow Specialists, Inc., and 22 years previously when I owned an insurance agency and brokerage.

Small business provides more than 60% of new net jobs in America. We – small business owners, entrepreneurs, and their advisors – are the backbone of the American Economy, and we have a duty, to our Companies, our Clients, and the Greater Economy , to strive for success and do all we can to make sure that the American Dreams are reachable goals for whomever strives towards them.

I believe that 20 to 30 years from now historians will record and call this the greatest window of entrepreneurial opportunity of our lifetime. It is over the next 12 to 18 months that the successful companies of tomorrow will be created or make their move.

Did you know that 16 of the current Dow Jones Industrial Average stocks were born during either a recession or depression? It’s true; Procter & Gamble, Disney, McDonald’s, General Electric, Johnson & Johnson and others – once entrepreneurial startups, now giants in industry.

Now is the right time for you to build your business.

Every so often our system of capitalism shifts. The present financial crisis and economic downturn have shaken the status quo. In prosperous times it’s difficult for a small business to compete with big business. But now the playing field has been leveled:  everything is up for grabs. You can become one of the future kings of commerce.

The economic downturn has created  a whole bunch of problems that savvy entrepreneurs can step up and solve. Solving problems are the lifeblood of entrepreneurism. Those who create solutions to these new problems will become the great beneficiaries of the next decade.

Everything is on sale. It has never been cheaper to build, equip, and market your business than it is today. Vendors are flexible, opportunities are unlimited, and there is a pool of extremely talented people looking for a promising future. Your companies big ideas may be fueled by this unprecedented opportunity.

Challenges and obstacles force us to think outside the box and come up with creative solutions, services, and products. 40 years ago Joe Gandolfo wrote a book, “Ideas are a dime a dozen.” The challenge is to follow thru and implement a great idea.

Now is the time to get started.


This is a welcome letter that I send out to all new referral partners:

Hi,

My name is Joe Tufo. I’m president of Cash Flow Specialists, Inc. of Concord CA. We are located 30 miles due east of downtown San Francisco.

I started this company July 1, 1999 after selling my insurance agency that I owned for 22 years. We were initially incorporated as a C-Corp in NV. I re-incorporated in CA February 2009 as a Subchapter S Corp.

I am not perfect. I do the very best that I can to serve you and the clients that you refer. I work 7AM to 5PM Pacific M-F. The toll-free number to our office is 1-800-669-2700. The direct dial number to my desk is 925-691-8200. When I am not in the office calls forward to my cell phone.

You can email me at either help@joetufo.com or joe@joetufo.com I receive hundreds of emails a day and do my best to answer each. if you do not receive a written reply kindly call me and I’ll find the email and respond. Thank you.

I return all morning calls and emails from 11AM to 12 noon and all afternoon calls and emails from 4PM to 5PM.

If you would like to purchase consulting time for you and/or your client visit www.joetufo.com/consulting If you need coaching visit www.joetufo.com/coaching or www.successbehaviors.com

We have a popular website at www.joetufo.com/blog If you want to learn about most of our products and services you should subscribe to the blog. New content is added several times a month. It’s a great place to refer prospective clients to inculcate them to our way of doing business. We are adding video to explain each post and page.

I encourage you to enroll at www.joetufo.com/subscribe to learn about our products and services. Listen to the video on the site.

We are adding a second site for referral partners only. This will also be a subscription site. Soon you will be able to earn commissions through Click Bank for selling our books, templates, and courses. It can be a tool to supplement your income.

www.joetufo.com/roadmap will give an overview of our products and services. There are hyperlinks to other sites complete with video. We tweak the map by adding products and services so you’ll want to check back often. It’s a good starting point to refer clients.

www.joetufo.com/powerfunding is a great tool for borrowers to become pre-qualified. Glenn & Mary just got $100,000 approved on a credit line and $150,000 on a grant using that program.

We have many other websites some of which are featured on the www.joetufo.com/blog

I’ve attached the referral partner paperwork. Kindly complete and email back.

For REO’s go to the www.joetufo.com/blog site I list all inventory. Get a LOI on the principle’s letterhead and an absolute proof of funds not more than three business days old.

For green projects read everything on the blog site especially references to large projects check www.projectfundingoptions.com and the www.joetufo.com/roadmap site and www.greenprojectsfunding.com

For credit lines other than BLOC E visit www.joetufo.com/blog We have a new site that we are populating at www.workingcapitalfast.com We have access to merchant cash advance, asset based lenders, hard money, factoring and more alternative sources that fund in 30 days or less.


To access our public videos visit www.joetufo.com/youtube

Dale and I wrote a book on FOREX visit www.thebasicsofforex.com

95% of our business comes from referral and the balance comes from my public speaking engagements.

As always I am here to serve you and those whom you choose to refer to us.

May God bless you exceedingly, abundantly above whatever you may think or ask.

We Just Added a New Credit Line Provider!

We added a provider in the DFW area whose partner is an attorney in LA last month. They can furnish credit lines from a few thousand dollars to$100,000 or more.

In order to qualify for more funding sources I urge you to enroll in our Power Funding program at www.joetufo.com/powerfunding

We specialize in unsecured lines of credit for small businesses. We have a program for all of your business needs, whether you are an established business or just getting started. Our extensive nationwide lender network provides unsecured fundingto businesses at various stages of growth.

There are many advantages to using our consulting services. We help you tosuccessfully navigate today’s lending environment in securing the capital that you need. We have done the research for you, and with many years of experience in the financial industry, we will work to get you the most money at the best rates available in today’s market.

We only work with banks that offer no documentation, stated business financing. What that means for you is that we will not request business plans, tax returns or collateral for these programs with this vendor.

We offer a true no collateral loan or line of credit. Your good credit is your collateral. You must have a minimum 700 FICO score to qualify for this vendor’s program. And we offer a simple application process. You only need to complete a one page application. Once we receive your completed application and submit it to our lenders,we are able to obtain an approval generally within 48 hours.

We are so confident in our ability to help our clients that we do not charge upfront fees on this particular program.  We are particularly unique to the industry as we can also supply qualified clients with an Aged / Shelf Corp with no upfront costs!  Therefore we can deliver a perfect funding solution for new or expanding business owners.

The back end cost for the unsecured lines is 12% of which 2% is paid to Cash Flow Specialists, Inc. the back end cost for the tw0 year old  NV shelf corporations is $8,900. Cash Flow specialists, Inc. charges $2,500 which is in addition to the $8,900.

Financing Approved $50,000 – $150,000+

NO Upfront Fees
NO Documents Needed 
NO Application Fees
NO Financials
NO Collateral Required
NO Equity Needed

Fast, Easy Funding!
 (1) Fill Out Form

(2) Get Approved

(3) Receive Your Funds

We have six large projects funders of which four are open now. We have four business line of credit lenders including the one featured above. We have a REO source that is one of 10 with access to the FDIC. We have five Proof of Funds providers. We have access to 383 hard money lenders, asset based lenders, merchant cash advance companies, bridge loan lenders, factors, private investors, hedge funds, banks, and other alternative funding sources.

REO:

Joe:
We have an opportunity to put a investor into Wells Fargo to access REO multi-family inventories. Our primary investor got in last week and Wells has offered us a second buyer slot.
Do you have a investor or JV group that can buy 50 to 100 million in Multifamily?
Thanks,
Paul
This came in Friday June 19th

Hello Joe:
One of the brokers we work with in Chicago is looking for a JV partner to take down a buy with a workout plan and share the income stream. He has many years of experience in the region and is looking for a Joint Venture partner.
He has cash but is not strong enough to do the REO take down and the work out with the safety margin he believes is prudent.
We are working with him on tapes in the 4 to 5 million range (broker has 1 million cash) and his plan is buy and rent using existing management at just below market averages or via HUD contract. This type of workout should produce 30 to 50% annual return on initial purchase price.
Do you have a potential join venture partner for this type of deal?
Best Regards,
Paul
If you want REO’s visit www.joetufo.com/blog and subscribe. You’ll see REO postings and the criteria for placing an order – LOI on the principal’s letterhead and an absolute proof of funds not older than three banking days.

July 1, 2009 will be our 10th anniversary of being in business.

As always I am here M-F 7AM to 5PM to serve you and those whom you choose to refer.


May grace and peace be multiplied to you (2 Peter 1:2a)