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walding714
378 Posts |
 Posted - 02/14/2008 : 3:15:59 PM
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I have a new project, I'm looking for a direct lender/investor that is able to do a gold mine project (No joke), the loan amount is around 4 mil. Please let me know if anyone can do this project, I will discuss all the details once you send me all your info...
Thank you. |
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dkendall1979
8573 Posts |
Posted - 02/14/2008 : 3:21:55 PM
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Advice: Walk away. $5M for funding a mining operation is a complete waste of your time. You will spend months putting it together and the chances are high that you will never consummate a transaction.
Take it for what it's worth, I'm just trying to be helpful. |
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mwgreco
1157 Posts |
Posted - 02/14/2008 : 8:22:55 PM
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| Is it in the States? |
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skicpa
20 Posts |
Posted - 02/14/2008 : 8:41:14 PM
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| I agree. I actually have experience dealing with gold mines. There is no one who will finance them. The only time I have even seen them get to the operating stage was through private investors, and even then they lost all their money and quit. Gravel pits are the same thing. |
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ComLender
1235 Posts |
Posted - 02/14/2008 : 11:21:31 PM
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| Pretty much rehashing what's been said: if you haven't done one already, try to refer this out or walk away altogether. If the owner/buyer of a gold mine doesn't have $4MM sitting around, it's probably not much of a gold mine ;) |
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mortgagemessiah
7789 Posts |
Posted - 02/15/2008 : 06:50:10 AM
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| And hasn't this been floating around for awhile too? |
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walding714
378 Posts |
Posted - 02/15/2008 : 08:42:42 AM
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Yes in colorado
quote:
Originally posted by mwgreco
Is it in the States?
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walding714
378 Posts |
Posted - 02/15/2008 : 08:43:15 AM
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No new project
quote:
Originally posted by mortgagemessiah
And hasn't this been floating around for awhile too?
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omegafunding
234 Posts |
Posted - 02/15/2008 : 09:14:20 AM
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I have personal known one family member and another associate. One owns a gold mine and another tried to finance a mine (both in CO). They both lost tons of money and the gold mine will be up for sell this year. Unless you have some private money sources and your borrower has lots of money to throw at this project you will be spinning your wills. But then again who knows you may be the next millionaire!
Ben
Omega Funding, Inc
www.omegafund.com
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igonzalez
221 Posts |
Posted - 02/15/2008 : 2:42:06 PM
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I have financed mines for the Real Estate value in the past.
However your client will have to show a solid exit strategy.
My last mine deal was on a Gavel and Sod mine.
The client had funds, equipment and experience.
They also had an investment firm taking them public.
Anything similar going on in this Gold mine?
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walding714
378 Posts |
Posted - 02/17/2008 : 2:55:33 PM
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Please send your info
quote:
Originally posted by igonzalez
I have financed mines for the Real Estate value in the past.
However your client will have to show a solid exit strategy.
My last mine deal was on a Gavel and Sod mine.
The client had funds, equipment and experience.
They also had an investment firm taking them public.
Anything similar going on in this Gold mine?
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velecico
3073 Posts |
Posted - 02/18/2008 : 3:04:16 PM
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Call Jed Clambett |
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walding714
378 Posts |
Posted - 02/18/2008 : 3:25:38 PM
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Do you have a number or contact info, please send me his info.
Thanks,
Waldin
quote:
Originally posted by velecico
Call Jed Clambett
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ppulatie
2188 Posts |
Posted - 02/18/2008 : 7:13:08 PM
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| Find a gold bug........ |
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velecico
3073 Posts |
Posted - 02/19/2008 : 4:08:10 PM
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quote:
Originally posted by walding714
Do you have a number or contact info, please send me his info.
Thanks,
Waldin
quote:
Originally posted by velecico
Call Jed Clambett
I beleive he in in Beverly , Hills that is
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walding714
378 Posts |
Posted - 02/19/2008 : 4:23:21 PM
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Sorry I'm not into the classics (TV)
quote:
Originally posted by velecico
quote:
Originally posted by walding714
Do you have a number or contact info, please send me his info.
Thanks,
Waldin
quote:
Originally posted by velecico
Call Jed Clambett
I beleive he in in Beverly , Hills that is
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privatemoney1
44 Posts |
Posted - 02/19/2008 : 4:44:37 PM
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I know some people that might be able to help you out on this. If you could send me some info on this that would be great, so i can talk to them and see wat they can do for you.
Thanks for your time.
Ryan Jordan
ihaveloans11@yahoo.com |
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apostle007
222 Posts |
Posted - 02/19/2008 : 5:40:56 PM
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We can help,we are direct to the check writers , 95% of the time. we deal strictly with individual investors, and 3 hedge funds. for larger (more than 3 million) transactions. we been doing hard money for 14 years and counting.
We fund in all 50 states and mexico,canada, and south america , our preferred range is 50,000.00 to 4 million, however, we have funded well over 100 million. We will do residential,commercial, land ,a&d, rehab, foreclosure bailouts , purchase, refianance, lease options,reo's(buy and sell), joint venture, gold, oil, d56, jp54, resorts, diamonds, precious metals and stones,
film fianancing and ag. land. We protect our brokers, with signed ncnd and fee agreement on all transactions. Please,
forward your loan scenario, or executive summary, by e-mail or feel free to call us with your request. We split our points
50/50 with our brokers ,less the investor charges. Average funding time on most loans is 15 to 30 days . Can fund in as little as 5 days or less with complete package. Commodities can fund same day with proof of funds, if buying ,or proof of goods ,if selling. (We have buyers as well) film financing requires 20% into project in most cases. For real estate transactions we need : 1003, credit, summary, appraisel ,( or comps, with public records on subject property) title ,or prelim,and exit strategy, (all ,our loans are short term, 6 months to 5 years). no prepay.
We can also do fha and conforming and nodoc in 38 states as well.
Thank you for your business,
Tom Minovich
Elkton Mortgage &
Financial Alternatives Inc.
719.277.6696 ph#
719.277.6697 fx
elktonmortgage@q.com
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dkendall1979
8573 Posts |
Posted - 02/19/2008 : 5:56:07 PM
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http://www.inspirationmining.com/
I had an active roll in starting this company. Tom Burke sold out his interest, but he's my mentor of sorts and allowed me to shadow him on this startup. Feel free to verify the information with Randy Miller (current CEO).
I have NEVER seen debt against a gold mine. NEVER!
You buy equity in a mine, you draw LOC's, you sell ore, you don't submit a 1003 and get a loan against dirt. the vast majority of mines NEVER PRODUCE AN OUNCE! They merely prove reserves and sell to a larger operation (like inspiration mining).
Debt against dirt is a land loan. I don't know of anyone doing land loans for rural parcels (which gold mines are) unless it's at 10% LTV and then maybe.
I'm not trying to say I'm the grand Puba on AU mines, but I genuinely think you are going about this the wrong way. I don't see anyone putting debt against this as-is. |
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KHufford
4835 Posts |
Posted - 02/19/2008 : 6:01:49 PM
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Send it to Tom @ Elkton -
And David is right also.
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crowefoote
29 Posts |
Posted - 03/18/2008 : 12:55:14 PM
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Did you send it to Elkton??
Read my post here before you do.
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=202794
quote:
Originally posted by walding714
I have a new project, I'm looking for a direct lender/investor that is able to do a gold mine project (No joke), the loan amount is around 4 mil. Please let me know if anyone can do this project, I will discuss all the details once you send me all your info...
Thank you.
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EMScommercial
4649 Posts |
Posted - 03/18/2008 : 5:46:26 PM
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david had some strong advice....
are you dealing with russians as the middle men?
we (or i should say, i) worked on a similar deal....
two months....
impossible deal...
too small....
my 'clients' weren't realistic in documents availabity....
there REALLY aren't many sources for this small of a loan on a 'gold mine'....
i wish you well....
good night.... |
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djmarvin
190 Posts |
Posted - 03/20/2008 : 11:38:41 AM
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Raw Land and Improved Land Financing
This is a true Asset Based Private Portfolio Lender.
Here are the basic guidelines:
• Private Portfolio Lender
• Loans not sold on Secondary Market
• Raw Land to 55% LTV
• Improved Upon Land to 70% LTV
• LTV Based Upon As-Is Fair Market Value, not "Fire Sale Value".
• Closing in 7-15 Business Days
• No Credit Check Required
• Approvals based primarily on the equity in the property.
• All 50 states
• Investor Points 3-6%
• Broker and Intermediates can charge the same Points charged by the Investor.
• Interest Rate 12%
• Max Terms of 20 Years
• $30MM Max Loan Amount, No Minimum Loan Amount
• Can be used for Construction Financing, Existing Construction, and any other Real Estate Backed transaction other than a pure "Land Deal" as well!
• Can structure Interest Only Payments
• Interest Reserve account up to 12-18 months allowed.
• All points and fees can be paid out of loan proceeds (loan amount not to exceed max LTV's)
• Exit strategy is required, but since this is Private Money we are flexible on the type of exit strategy.
• Lender Advance Fees are: $1500 Legal Fees for Attorney to draw up the Loan Commitment Letter (due prior to issuance of Letter of Commitment), $30K Due Diligence (Covers All Expenses) (due at acceptance of Final Loan Commitment by Investor).
Contact me if you are interested. |
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