This came in recently. This lender/JV is not operational but is scheduled to be up and running by mid-June 2009. Here’s what he sent:
Before we get started, let me say we are NOT funding yet. I will post here when we are ready to lend. It could be as soon as 30 days, but not sooner. STAY TUNED!!
My business partner and I have been busy for the last 18 months raising capital. We went to NY where the real money is located and started an Industrial Thrift.
An Industrial Thrift is like a bank without checking accounts. More accurately, it’s a very large commercial line of credit.
We ran into a few bumps along the way. One of which was the fact that our sponsor was Bear Stearns. I can hear you moaning. (You should have heard me) Anyway our new sponsor, JP Morgan, is in the final stages of funding our first draws.
My background is in real estate investing and private lending. His is running successful businesses. He has since sold out so we can focus on this new business.
We like the small deal approach. No multi-million dollar deals that if they go awry, could sink us.
We can’t afford to make a multi-million dollar mistake.
If any of you are looking for funding – consider us. We have some requirements.
Borrowers: You MUST have some of your own $$ in the deal.
We’ll have money to use for private lending and purchasing of existing Real Estate.
No new construction or condo conversions.
For borrowers, we have no income requirements, and all credit is considered. If you have cash down or existing real estate equities, we can fund. No source or seasoning requirements. Personal signature is required. We can fund fast – usually 5 days or less.
Some house rules:
You MUST have some skin in the game. We look for at least 10% of your own money. If you don’t have the money, we can buy the property direct. No assignment fees.
We are private investors/lenders – as such we don’t lend (cash-out refi’s) on SFH’s. We don’t make low-interest, long-term loans.
Equity is NOT profit – Cash and Cash Flow matter most.
First T.D. position is preferred. Second T.D. only on a case-by-case basis.
We don’t publish “rate-sheets” – we do what makes sense for the transaction.
We would also like to talk to bank CFO’s. No CEO’s, no large/national banks. Regional or small local banks specifically. Any state. We can solve their liquidity problems. FAST!
Income property – multi-family (5 to 200 units) (no rent control) or Mobile Home Parks
Bulk REO’s, performing & non-performing notes. RE only – no credit cards, boats, planes or cars
Short Sales – group purchases preferred
Participation loans – lower interest rate with an equity kicker.
Bank financing turn-downs
Over encumbered properties – liens and/or income taxes
Existing properties must have a 12 month history, 24 months preferred
We can purchase the seller financed notes you create – your sellers get cash within days!
No businesses, raw land or developments.
Do not contact me regarding property listed on Loopnet, Property Line, REE, or similar listing services. I have these covered already.
Please contact me at: mw (Leonard) if you seek funding or a JV partner.
Since I am still traveling, I can be reached via email only. I check the system twice a day, Monday through Friday at noon and 5 P.M. EST.
We are seeking professionals with lending and/or real estate investment experience and a sterling reputation. We think the people who make the deal – are the deal.
Mike W., Director