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sking
36 Posts |
 Posted - 08/26/2008 : 7:31:17 PM
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The borrower is a developer with a net worth on paper of 300 million+. He's buying a high rise condo overlooking the ocean in the Palm Beach, FL area. I have seen a photo of the property and it's quite spectacular. The price is 7 million and he's putting 3 millions down. He'll need a loan for 4 million.
I have 2005 and 2006 tax returns which show he paid 1.3 million in taxes in '05 and 3.2 million taxes in 2006. I also have his personal financial statements, 1003, credit and an auth.
I'm looking for a lender who will make this loan at a highly competitive rate. I'd like to see some rates in the mid 5's to low 6 range for this borrower. If you have an interest in the loan, and you're a super jumbo lender, then email me your quote on a 5/1 ARM, or whatever else you have to offer to my address below.
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bestbet123
1577 Posts |
Posted - 08/26/2008 : 7:37:41 PM
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Try everbank.
quote:
Originally posted by sking
The borrower is a developer with a net worth on paper of 300 million+. He's buying a high rise condo overlooking the ocean in the Palm Beach, FL area. I have seen a photo of the property and it's quite spectacular. The price is 7 million and he's putting 3 millions down. He'll need a loan for 4 million.
I have 2005 and 2006 tax returns which show he paid 1.3 million in taxes in '05 and 3.2 million taxes in 2006. I also have his personal financial statements, 1003, credit and an auth.
I'm looking for a lender who will make this loan at a highly competitive rate. I'd like to see some rates in the mid 5's to low 6 range for this borrower. If you have an interest in the loan, and you're a super jumbo lender, then email me your quote on a 5/1 ARM, or whatever else you have to offer to my address below.
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stanshaw
41 Posts |
Posted - 08/26/2008 : 7:40:59 PM
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bobbypka
1 Posts |
Posted - 08/26/2008 : 9:11:14 PM
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Hi,
I could do the loan. I am guessing the condo is Non Warrantable as well. I work for a bank not a broker, cant wholesale. Just thought I would throw my name out there if you need help. Although I dont know that you will find rates that low.
Thank you,
Bobby Zuniga
702-203-4412
quote:
Originally posted by sking
The borrower is a developer with a net worth on paper of 300 million+. He's buying a high rise condo overlooking the ocean in the Palm Beach, FL area. I have seen a photo of the property and it's quite spectacular. The price is 7 million and he's putting 3 millions down. He'll need a loan for 4 million.
I have 2005 and 2006 tax returns which show he paid 1.3 million in taxes in '05 and 3.2 million taxes in 2006. I also have his personal financial statements, 1003, credit and an auth.
I'm looking for a lender who will make this loan at a highly competitive rate. I'd like to see some rates in the mid 5's to low 6 range for this borrower. If you have an interest in the loan, and you're a super jumbo lender, then email me your quote on a 5/1 ARM, or whatever else you have to offer to my address below.
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KHufford
5940 Posts |
Posted - 08/26/2008 : 9:17:36 PM
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7 million? Wow...even with prices dropping like rocks there? Are there really any comps for this? I have a feeling that will be the hitch, thats extremely expensive, even for a sweet highrise.
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Mandyvilla
3405 Posts |
Posted - 08/26/2008 : 9:39:14 PM
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| Sorry, but something just isn't right here. Anyone w/ $3M is going to have a personal banker....and that personal banker is going to be a pitbull to keep the customer happy. Why won't his bank do the loan? |
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sking
36 Posts |
Posted - 08/26/2008 : 9:44:02 PM
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| That's a good question Mandyvilla. You could be right. However, his VP of operations been entrusted with the task of getting his loan. I"ll know soon enough. |
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KHufford
5940 Posts |
Posted - 08/26/2008 : 10:02:44 PM
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quote:
Originally posted by sking
That's a good question Mandyvilla. You could be right. However, his VP of operations been entrusted with the task of getting his loan. I"ll know soon enough.
Dont take this as a personal attack, but its just that type of thing on these type of deals and why they rarely close with an inexperienced broker.
The broker is just not 'in touch' with the deal. You really should know all of this stuff right off the bat, you have to take an immaculate 1003 and ask every question, get a PFS, google the clients name, google the property, chek comps yourself, everything on these....if you want to make big bucks you really have to do do more...
But more often that not when even the simplest question is asked, such as Mandy brought up...the broker doesnt know....and "I'll find out" ensues...
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KHufford
5940 Posts |
Posted - 08/26/2008 : 10:23:14 PM
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| I check MLS in Palm Beach...there really are zero high rises in the 7M range, 6M max and that is like one or two... |
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davidfr
1147 Posts |
Posted - 08/27/2008 : 05:35:30 AM
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| Scot, this is an investment property as well, correct? |
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mortgagemessiah
8003 Posts |
Posted - 08/27/2008 : 05:49:32 AM
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quote:
Originally posted by sking
The borrower is a developer with a net worth on paper of 300 million+. He's buying a high rise condo overlooking the ocean in the Palm Beach, FL area. I have seen a photo of the property and it's quite spectacular. The price is 7 million and he's putting 3 millions down. He'll need a loan for 4 million.
I have 2005 and 2006 tax returns which show he paid 1.3 million in taxes in '05 and 3.2 million taxes in 2006. I also have his personal financial statements, 1003, credit and an auth.
I'm looking for a lender who will make this loan at a highly competitive rate. I'd like to see some rates in the mid 5's to low 6 range for this borrower. If you have an interest in the loan, and you're a super jumbo lender, then email me your quote on a 5/1 ARM, or whatever else you have to offer to my address below.
This sounds like the same deal you posted last week or the week before. I said it before and I'll say it again. Something doesn't smell right about this deal. |
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mortgagemessiah
8003 Posts |
Posted - 08/27/2008 : 05:54:10 AM
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quote:
Originally posted by KHufford
quote:
Originally posted by sking
That's a good question Mandyvilla. You could be right. However, his VP of operations been entrusted with the task of getting his loan. I"ll know soon enough.
Dont take this as a personal attack, but its just that type of thing on these type of deals and why they rarely close with an inexperienced broker.
The broker is just not 'in touch' with the deal. You really should know all of this stuff right off the bat, you have to take an immaculate 1003 and ask every question, get a PFS, google the clients name, google the property, chek comps yourself, everything on these....if you want to make big bucks you really have to do do more...
But more often that not when even the simplest question is asked, such as Mandy brought up...the broker doesnt know....and "I'll find out" ensues...
He made the same claim last week when he originally posted it. |
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dkendall1979
10147 Posts |
Posted - 08/27/2008 : 07:36:02 AM
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Scot,
The difficult part of this loan is that the buyer is also the seller. So, when he puts the $3M down, he's actually moving the money from his personal account to his business account.
Another point you might want to mention, the point that is keeping us in the game as a lender, is the guy has $28M in his business bank account. Liquid cash.
It's understandable that the borrower wants to "set the market" for his new development, but as a broker (If you're the lead on this) you need to be upfront about what's going on, so the lender doesn't lose interest when they find out these minor details on their own. |
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sking
36 Posts |
Posted - 08/27/2008 : 6:59:17 PM
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David, Thanks for your info regarding that this is "his" project. It's also nice to learn I'm competing with another broker... You know as a broker, working to earn the confidence of the person handling the transaction, it's important to not ask for too much information at the very beginning. In any case, you lenders don't get it all on a silver platter from ground zero. Since when has that ever been the case? New information comes in all the time. Lenders underwrite files before appraisals are done. When the appraisal is done, then there's new information. On typical deals, I usually wait to have a complete package before I submit to underwriting.
From a sales perspective, if you push too hard from the very beginning, and ask too much, you can lose the deal altogether. They want to do things "their" way and at their own pace, and it's important to show them some respect at first, and not appear too pushy. I've had 2 brief calls on this deal.
Kyle, if you post on another one of my threads one of your personal attacks, if it can be called that, I'll request to have you banned from this site. Seriously, go find something better to do than sit around and take pot shots at brokers on this board. In fact, go find your own 4 million loan and work on it. I've been in the mortgage industry since 1998, and I'm not on this board to hear inappropriate remarks from people like you. I have many countless happy and satisfied clients.
The person who provided me his tax returns and other information has not been up front with me regarding the fact that this condo complex was "his" project development that he's buying a unit in, if this is the case. I"ll be chatting with him tomorrow about this. If setting the market is truly his goal, then this could be a very hard deal to complete.
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waynepbright
3660 Posts |
Posted - 08/27/2008 : 7:08:43 PM
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I'M REALLY MORE AMAZED HOW SKING LIVES IN CA BUT OBTAINS THIS SORT OF LOAN IN FL FOR $4M
ANYHOW ... I'M ALSO WONDERING ABOUT COMPS IN THE AREA WITH ALL THINGS CONSIDERED. CHECK EVERBANK |
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KHufford
5940 Posts |
Posted - 08/27/2008 : 7:09:02 PM
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quote:
Originally posted by sking
David, Thanks for your info regarding that this is "his" project. It's also nice to learn I'm competing with another broker... You know as a broker, working to earn the confidence of the person handling the transaction, it's important to not ask for too much information at the very beginning. In any case, you lenders don't get it all on a silver platter from ground zero. Since when has that ever been the case? New information comes in all the time. Lenders underwrite files before appraisals are done. When the appraisal is done, then there's new information. On typical deals, I usually wait to have a complete package before I submit to underwriting.
From a sales perspective, if you push too hard from the very beginning, and ask too much, you can lose the deal altogether. They want to do things "their" way and at their own pace, and it's important to show them some respect at first, and not appear too pushy. I've had 2 brief calls on this deal.
Kyle, if you post on another one of my threads one of your personal attacks, if it can be called that, I'll request to have you banned from this site. Seriously, go find something better to do than sit around and take pot shots at brokers on this board. In fact, go find your own 4 million loan and work on it. I've been in the mortgage industry since 1998, and I'm not on this board to hear inappropriate remarks from people like you. I have many countless happy and satisfied clients.
The person who provided me his tax returns and other information has not been up front with me regarding the fact that this condo complex was "his" project development that he's buying a unit in, if this is the case. I"ll be chatting with him tomorrow about this. If setting the market is truly goal, then could be a very hard deal to complete.
First off, you have the wrong approach still on these types of deals, which I highlighted. Thats so incorrect. But since you dont need my constructive criticism, I will leave it at that
Secondly, how dare you threaten to have me banned from this site (won't happen) for trying to help you to understand your deal and how to tackle it.
I specifically noted not to take my constructive criticism as a personal attack, because it wasnt one.
I specialize in super jumbo finance and work these types of deals all day, so I know my way around them fairly well. I meerly pointed out common mistakes and reasons they fall through. I even took time to check comps for you and determined the value was out of wack.
I have seen you get all pissed here before when Steve Dibert said you looked like Steve from Married with Children, so I know you are sensitive but chill man.
And if you really think you can get me banned for tryign to help you out, then go for it. I have 150 times more posts than you and I have been doing fine without you, I doubt this is worthy of a resonse from anyone including ADMIN.
If you cant take the heat...
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KHufford
5940 Posts |
Posted - 08/27/2008 : 7:11:17 PM
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quote:
Originally posted by waynepbright
I'M REALLY MORE AMAZED HOW SKING LIVES IN CA BUT OBTAINS THIS SORT OF LOAN IN FL FOR $4M
ANYHOW ... I'M ALSO WONDERING ABOUT COMPS IN THE AREA WITH ALL THINGS CONSIDERED. CHECK EVERBANK
I checked, max was 6M anywhere and that was like 1...as Dave said, the client is trying to "set the bar" on value because its his own deal.
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davidfr
1147 Posts |
Posted - 08/28/2008 : 05:26:45 AM
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quote:
Originally posted by KHufford
I have seen you get all pissed here before when Steve Dibert said you looked like Steve from Married with Children, so I know you are sensitive but chill man.
Holy cow, he does look exactly like that guy from Married With Children. Classic. |
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mortgagemessiah
8003 Posts |
Posted - 08/28/2008 : 05:36:17 AM
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quote:
Originally posted by sking
David, Thanks for your info regarding that this is "his" project. It's also nice to learn I'm competing with another broker... You know as a broker, working to earn the confidence of the person handling the transaction, it's important to not ask for too much information at the very beginning. In any case, you lenders don't get it all on a silver platter from ground zero. Since when has that ever been the case? New information comes in all the time. Lenders underwrite files before appraisals are done. When the appraisal is done, then there's new information. On typical deals, I usually wait to have a complete package before I submit to underwriting.
From a sales perspective, if you push too hard from the very beginning, and ask too much, you can lose the deal altogether. They want to do things "their" way and at their own pace, and it's important to show them some respect at first, and not appear too pushy. I've had 2 brief calls on this deal.
Kyle, if you post on another one of my threads one of your personal attacks, if it can be called that, I'll request to have you banned from this site. Seriously, go find something better to do than sit around and take pot shots at brokers on this board. In fact, go find your own 4 million loan and work on it. I've been in the mortgage industry since 1998, and I'm not on this board to hear inappropriate remarks from people like you. I have many countless happy and satisfied clients.
The person who provided me his tax returns and other information has not been up front with me regarding the fact that this condo complex was "his" project development that he's buying a unit in, if this is the case. I"ll be chatting with him tomorrow about this. If setting the market is truly his goal, then this could be a very hard deal to complete.
It's called controlling your client. If you act like the authority which you should be, then the client wil do what you tell them. It appears from this post and the post from last week you do not have control of him or this file and chances are you won't. Your 10 years in this industry should have at least taught you that. Your wasting your time on this deal. Other than not having control of your client, here are some other red flags:
1)the guy is a developer
2)someone else gave you the file (which means it's been shopped)
3)according to last post, you had not seen a credit report
4)the guy doesn't have 07 tax returns
5)he wants to buy a unit in his own development
6)you've only had 2 brief converstions with the client
7)there are not that many $7mil high rise condos in Palm Beach.
If you consider what Kyle said a personal attack, you really need to grow some balls.
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darkstar
18089 Posts |
Posted - 08/28/2008 : 05:57:37 AM
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>>>>If you consider what Kyle said a personal attack, you really need to grow some balls.
Bingo!...People complain all day about not getting helpful info, he gets it, and goes on the attack, sadly it's very typical of the current member mentality...
"I'll have you banned" LOLOLOLOL Waaaaaaaaaaaaaah! |
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KHufford
5940 Posts |
Posted - 08/28/2008 : 08:43:20 AM
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quote:
Originally posted by darkstar
>>>>If you consider what Kyle said a personal attack, you really need to grow some balls.
Bingo!...People complain all day about not getting helpful info, he gets it, and goes on the attack, sadly it's very typical of the current member mentality...
"I'll have you banned" LOLOLOLOL Waaaaaaaaaaaaaah!
Thanks for getting my back on that Steve and Stephen....so true. Run along to Marcy Darcy! LOL
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hertz
853 Posts |
Posted - 08/28/2008 : 09:26:55 AM
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quote:
Originally posted by KHufford
quote:
Originally posted by darkstar
>>>>If you consider what Kyle said a personal attack, you really need to grow some balls.
Bingo!...People complain all day about not getting helpful info, he gets it, and goes on the attack, sadly it's very typical of the current member mentality...
"I'll have you banned" LOLOLOLOL Waaaaaaaaaaaaaah!
Thanks for getting my back on that Steve and Stephen....so true. Run along to Marcy Darcy! LOL
Coming from Kyle, that post was pretty mild! |
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davidfr
1147 Posts |
Posted - 08/28/2008 : 09:45:06 AM
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quote:
Originally posted by sking
The person who provided me his tax returns and other information has not been up front with me regarding the fact that this condo complex was "his" project development that he's buying a unit in, if this is the case. I"ll be chatting with him tomorrow about this.
Scot, please keep us posted on this. I am curious as to what your contact had to say for himself. |
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KHufford
5940 Posts |
Posted - 08/28/2008 : 09:51:40 AM
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quote:
Originally posted by davidfr
quote:
Originally posted by sking
The person who provided me his tax returns and other information has not been up front with me regarding the fact that this condo complex was "his" project development that he's buying a unit in, if this is the case. I"ll be chatting with him tomorrow about this.
Scot, please keep us posted on this. I am curious as to what your contact had to say for himself.
Classic mismanagement of a large deal. "The person" who sent you the taxes...should be his CPA and CPA only. Anyone else, consider it fraud. There are so many issues with these type of deals that you really have to dig and find, unless youy speak to the client everyday personally its really hard to grasp all the details and be prudent enough to close it.
I have clients that I speak with daily on their loan only to find out vert often some issue last minute, imagine if you are 3rd down the line what they are hiding. Its frustrating to say the least!
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dkendall1979
10147 Posts |
Posted - 08/28/2008 : 09:52:02 AM
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I want this post to be a lesson to people. (although it may only affect 1 person, if that).
My quote, that I will be famous for after death, "Everybody is lying to you all the time".
Never ever EVER take anyone's word for anything. Take notes of what they say, but never take anything anyone tells you at face value. If you do, you will end up with the masses. The mass beleive what they are told, those that don't believe anything they're told are held in high regard. Humans are trusting by nature and over time, learn to distrust. Older-Wiwer means "I've been f'd over so much, I know people are full of sh*t".
Don't be a shark, don't offend, but never beleive what you are told and only beleive 1/2 of what you see.
Somebody calls you looking for money, you are in control of that situation.
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davidfr
1147 Posts |
Posted - 08/28/2008 : 09:58:50 AM
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| Another lesson to be learned from this is that if you are unhappy that you look like Steve from Married with Children do not post your picture on the web. |
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sking
36 Posts |
Posted - 08/29/2008 : 12:05:45 AM
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Mr Messiah,
You must be pretty jealous that I'm working this loan you're not. Just for fun, I'm going to pick apart your little post, which is pretty ridiculous. Ok goonball? Here we go:
1)the guy is a developer -
so what developers get loans too. What's your point?
2)someone else gave you the file (which means it's been shopped)
It's possible it's being shopped. It's not axiomatic as you suggest. Busy people often entrust the duties of shopping their loan to someone else.
Even if you're right, and it is being shopped, I have no problem working the deal to be competitve. Again, what's your point? I won't give up just because it's being shopped... Maybe that's what you do though and you probably lose deals that way. That's a pretty wimpy philosophy to follow. Did someone teach you that?
You should really try to think before typing your silly remarks on my threads, especially if you want a response from me.
His CPA entrusted me with his clients information. FOr your information, my jumbo mortgage website ranks high in the search engines and he liked my site, which I designed myself.
3)according to last post, you had not seen a credit report
What are you doing keeping a day by day diary for me??? I have his credit pulled now. He has a 728 mid score. Just like I was tolded by his CPA.
4)the guy doesn't have 07 tax returns - and your point? If he has an valid extension for those, lenders usually have no problem with that.
5)he wants to buy a unit in his own development -
that's correct. That's not the end of the world. Lender's care about liquidity and the borrowers ability to repay.
6)you've only had 2 brief converstions with the client -
I had a good conversation today. I go thte appraisal done last May. In fact the unit one of the penthouse suites. It has a Cabana, a guest suite, and a garage which the 5 mill comp doesn't have any of these amenities.
7)there are not that many $7mil high rise condos in Palm Beach.
I have an appraisal at $7 mil goonball.
I'll post my commission check when the deal closes for all you clowns and I'll be the one doing the laughing... |
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KHufford
5940 Posts |
Posted - 08/29/2008 : 12:26:04 AM
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You WILL NEVER close this loan, because you have no clue what you are talking about pal.
Its very obvious to those of us 'In The Know' We tried being nice and offering curt advice, but you didnt like what we said so you got pissed.
If you have to post the deal here on BO it means you dont know where to go with it, not the end of the world, but again, when people tried to help you got pissed? So why post here then? Just so people jump up and down and beg for this loan because its a large dollar amount? Sorry, the only people going to do that are the ones who dont know what they are doing.
Also, your appraisal that says $7M doesnt mean jack..the end investor will do another one and I guarantee it will be short of $7M...let me guess the client ordered it himself?
Plus its a YEAR OLD?? Yeah ...real accurate in Florida! LOL
Developers have a hard time getting loans because their future income is highly scrutinized, they may have made millions over the last few years, but now what?? Developemnt deals are going belly up all day long, so how do we know their income will continue at the same level? Thats what Steve was referring to.
The day you show me or anyone a commission chck for this loan or any others for that matter is the day I quit this business and go work for the DMV. But until then,...we know what we are talking about and you seem to not.
PS. Your "Jumbo" website is also pretty horrible so don't brag about it please. Its full of grammatical errors too, has google ads at the top, seriously terriblly designed, and overall weak as hell looking.
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KHufford
5940 Posts |
Posted - 08/29/2008 : 12:36:10 AM
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And please explain this gem of a paragraph from your site!
"We are approved with 100+ A-paper lenders for borrowers with excellent credit, and we also have numerous suprime lenders for those with blemished credit. We are currently approved for mortgage loan origination in California, however we can offer the same great selection of mortgage products in 49 other states through our netbranch which is licensed nationwide. "
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mortgagemessiah
8003 Posts |
Posted - 08/29/2008 : 06:23:59 AM
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1)the guy is a developer -
so what developers get loans too. What's your point?
My point being, he's in the real estate industry. Banks and lenders are very skiddish about lending money to people in those professions right now.
2)someone else gave you the file (which means it's been shopped)
It's possible it's being shopped. It's not axiomatic as you suggest. Busy people often entrust the duties of shopping their loan to someone else.
If this deal has been shopped, it means any lenders you find here on BO has probably already looked at it and rejected it. There are not that many super jumbo lenders left.
4)the guy doesn't have 07 tax returns - and your point? If he has an valid extension for those, lenders usually have no problem with that.
The point is every lender is going to want to see his 07 return because it's already the last week of August to prove his ability to pay. Did you see if this "CA was licensed with the state of Florida?
5)he wants to buy a unit in his own development -
that's correct. That's not the end of the world. Lender's care about liquidity and the borrowers ability to repay.
Okay, why didn't he set aside the unit when he built the development?
6)you've only had 2 brief converstions with the client -
I had a good conversation today. I go thte appraisal done last May. In fact the unit one of the penthouse suites. It has a Cabana, a guest suite, and a garage which the 5 mill comp doesn't have any of these amenities.
You got the appraisal last May? That means you've been working on this file for approximately 4 months. Like Kyle said, who did the appraisal and where did you get it from? Alot has happened here since May. Lenders are only accepting appraisals that are less than 90 days old.
Scot, I do fraud investigation and forensic audits, I see scams like this all day long from all over the country. So the fact you have a $4mil deal doesn't phase me. Besides, a $4 mil garbage loan is worth about the same as a $50k garbage loan.
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FirstChoiceDebtR
199 Posts |
Posted - 08/29/2008 : 08:24:02 AM
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Quick question, if this guy is trying to set the bar, and sway values in his own development, why doesn't he just pay cash for the property? Like Dave said he is just moving his money from his personal account into his business account..........
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KHufford
5940 Posts |
Posted - 08/29/2008 : 09:14:51 AM
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quote:
Originally posted by FirstChoiceDebtRelief
Quick question, if this guy is trying to set the bar, and sway values in his own development, why doesn't he just pay cash for the property? Like Dave said he is just moving his money from his personal account into his business account..........
This file has garbage/ fraud written ALL over it, thats why. But junoir LO, Scot King wont find that out because he's too smart for that.
Have you guys noticed he only posts at like midnight? My guess is thats when he is just getting home from his shift at Applebees...
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bestbet123
1577 Posts |
Posted - 08/29/2008 : 09:58:55 AM
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This kid is a joke.He LOOKS like manager from Applebees.I have a really good idea how he got the deal,but i can't post such things on BO.Come on just look at his pic.
quote:
Originally posted by KHufford
quote:
Originally posted by FirstChoiceDebtRelief
Quick question, if this guy is trying to set the bar, and sway values in his own development, why doesn't he just pay cash for the property? Like Dave said he is just moving his money from his personal account into his business account..........
This file has garbage/ fraud written ALL over it, thats why. But junoir LO, Scot King wont find that out because he's too smart for that.
Have you guys noticed he only posts at like midnight? My guess is thats when he is just getting home from his shift at Applebees...
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FundStar14
755 Posts |
Posted - 08/29/2008 : 10:17:39 AM
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quote:
Originally posted by KHufford
quote:
Originally posted by FirstChoiceDebtRelief
Quick question, if this guy is trying to set the bar, and sway values in his own development, why doesn't he just pay cash for the property? Like Dave said he is just moving his money from his personal account into his business account..........
This file has garbage/ fraud written ALL over it, thats why. But junoir LO, Scot King wont find that out because he's too smart for that.
Have you guys noticed he only posts at like midnight? My guess is thats when he is just getting home from his shift at Applebees...
Dude, your killing him, Thanks for the laughs on a rainy Friday ;-) |
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mortgagemessiah
8003 Posts |
Posted - 08/29/2008 : 10:39:03 AM
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| I thought he worked at Wendy's. |
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KHufford
5940 Posts |
Posted - 08/29/2008 : 10:48:49 AM
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quote:
Originally posted by bestbet123
This kid is a joke.He LOOKS like manager from Applebees.I have a really good idea how he got the deal,but i can't post such things on BO.Come on just look at his pic.
quote:
Originally posted by KHufford
quote:
Originally posted by FirstChoiceDebtRelief
Quick question, if this guy is trying to set the bar, and sway values in his own development, why doesn't he just pay cash for the property? Like Dave said he is just moving his money from his personal account into his business account..........
This file has garbage/ fraud written ALL over it, thats why. But junoir LO, Scot King wont find that out because he's too smart for that.
Have you guys noticed he only posts at like midnight? My guess is thats when he is just getting home from his shift at Applebees...
You may be correct...it is Palm Beach Florida after all...
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KHufford
5940 Posts |
Posted - 08/29/2008 : 10:50:17 AM
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quote:
Originally posted by FundStar14
quote:
Originally posted by KHufford
quote:
Originally posted by FirstChoiceDebtRelief
Quick question, if this guy is trying to set the bar, and sway values in his own development, why doesn't he just pay cash for the property? Like Dave said he is just moving his money from his personal account into his business account..........
This file has garbage/ fraud written ALL over it, thats why. But junoir LO, Scot King wont find that out because he's too smart for that.
Have you guys noticed he only posts at like midnight? My guess is thats when he is just getting home from his shift at Applebees...
Dude, your killing him, Thanks for the laughs on a rainy Friday ;-)
No problem...thats what happens when you threaten people and act like a jerk when we are just trying to give constructive advice.
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mortgagemessiah
8003 Posts |
Posted - 08/29/2008 : 11:17:27 AM
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| You would have thought that a guy like Scot would have brass balls after doing super jumbos for 10 years. |
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KHufford
5940 Posts |
Posted - 08/29/2008 : 11:29:29 AM
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quote:
Originally posted by mortgagemessiah
You would have thought that a guy like Scot would have brass balls after doing super jumbos for 10 years.
Because he hasnt
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sking
36 Posts |
Posted - 08/29/2008 : 1:45:05 PM
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Hey Kyle,
You're in Arizona? I thought that was all just tumbleweeds and cactus. Do you actually go out and slice open a cactus for your Friday night brew? What's it taste like?
You should try to get out to the California coast and get some fresh air. I've done plenty of jumbo loans dude... Thanks for you 2 cents on super jumbo origination.. You will be working for the DMV very shortly. Laugh at my site if you want but brings me plenty of deals. ;>
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KHufford
5940 Posts |
Posted - 08/29/2008 : 2:04:22 PM
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quote:
Originally posted by sking
Hey Kyle,
You're in Arizona? I thought that was all just tumbleweeds and cactus. Do you actually go out and slice open a cactus for your Friday night brew? What's it taste like?
You should try to get out to the California coast and get some fresh air. I've done plenty of jumbo loans dude... Thanks for you 2 cents on super jumbo origination.. You will be working for the DMV very shortly. Laugh at my site if you want but brings me plenty of deals. ;>
You dont get out much do you?
Check out AZ since you obviously are a shut in:
http://www.grandcircle.org/images/Downtown%20Phoenix%202006.jpg
cut and paste
http://lh6.ggpht.com/_AMojtV5fhNk/R1tCMuVE3TI/AAAAAAAABQ0/MfZqTSgJhqU/Downtown+Phoenix.jpg
And speaking of FRESH AIR? Yeah...LA is so fresh...reminds me of Bejing!
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mortgagemessiah
8003 Posts |
Posted - 08/29/2008 : 7:24:17 PM
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quote:
Originally posted by sking
Hey Kyle,
You're in Arizona? I thought that was all just tumbleweeds and cactus. Do you actually go out and slice open a cactus for your Friday night brew? What's it taste like?
You should try to get out to the California coast and get some fresh air. I've done plenty of jumbo loans dude... Thanks for you 2 cents on super jumbo origination.. You will be working for the DMV very shortly. Laugh at my site if you want but brings me plenty of deals. ;>
Then why are you picking up garbage deals in South Florida? |
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crankyusi
658 Posts |
Posted - 08/29/2008 : 8:21:20 PM
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quote:
Originally posted by sking
The borrower is a developer with a net worth on paper of 300 million+. He's buying a high rise condo overlooking the ocean in the Palm Beach, FL area. I have seen a photo of the property and it's quite spectacular. The price is 7 million and he's putting 3 millions down. He'll need a loan for 4 million.
Do you know how much the existing lender is willing to accept to release this unit? |
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KHufford
5940 Posts |
Posted - 08/29/2008 : 8:32:42 PM
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quote:
Originally posted by crankyusi
quote:
Originally posted by sking
The borrower is a developer with a net worth on paper of 300 million+. He's buying a high rise condo overlooking the ocean in the Palm Beach, FL area. I have seen a photo of the property and it's quite spectacular. The price is 7 million and he's putting 3 millions down. He'll need a loan for 4 million.
Do you know how much the existing lender is willing to accept to release this unit?
Re read this entire thread please before asking him anything like this.
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crankyusi
658 Posts |
Posted - 08/29/2008 : 8:38:51 PM
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| haha, you got me! |
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clearwaterny
347 Posts |
Posted - 08/29/2008 : 9:32:15 PM
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everyone really needs to chill out on this board. for the most part khufford and kendall provide really good and helpful information on this forum. sometimes (especially when writing) words are misread or misinterpreted. everyone comes on this forum to learn and help each other out. let's not take things to personal on this site because we all need each other to learn and grow in this profession. everybody kumbiya lol.quote:
Originally posted by KHufford
quote:
Originally posted by darkstar
>>>>If you consider what Kyle said a personal attack, you really need to grow some balls.
Bingo!...People complain all day about not getting helpful info, he gets it, and goes on the attack, sadly it's very typical of the current member mentality...
"I'll have you banned" LOLOLOLOL Waaaaaaaaaaaaaah!
Thanks for getting my back on that Steve and Stephen....so true. Run along to Marcy Darcy! LOL
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808
2510 Posts |
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Posted - 08/30/2008 : 12:24:39 AM
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