BiggerPockets

I'll post for all the same 2 questions I asked Stacy.
1. What is my deposit secured by?
2. What is the method of repayment.
I'm waiting for a good response. Rich in FL.

Out of curiosity, what would be the fees on something like this?

Chris

Rich,

Answers to your questions:

1. What is your deposit secured by? You will be secured by several things. First, you are secured by the investment property being purchased, added as a full partner if funds aren't returned. Second, you will be secured by a personal guarantee from the borrowers. Also, the borrowers will cross collateralize with other income producing property.

2. What is the method of repayment? The funds will be transferred to the title company/attorney and wired back to you after the closing. The sellers are taking back a second mortgage for the 25%, the bank wants to see the cash go to closing.

All of this will be written to your satisfaction and hopefully can be repeated with the next deal.

To answer Mr. Investor's question as to why not use a transactional lender. I don't know any transactional lenders but have spoken to Rich Weese several times and hope to do business with him. I'd rather make him money and build a relationship.

Thanks,

Stacy

Stacy- original post said needed for 30 MINUTES. It looks like it has taken 30 DAYS. What happened? No lender wants to have cash sitting for 30 days waiting for the 30 minutes... Your buddy Rich IN FL.

The request was put out there 30 days ago the closing is today. The money went to the title attorney and goes back out after closing. Same day not 30 days.

Stacy

Nationwide,

If I can satisfy your requirements are you a lender?

Stacy

Stacy- My same question is still there. The lender had to sit there with $285K waiting for today? When did you determine that today was the day??? Rich.

Originally posted by nationwidepi

and an answer to my question Stacey?

If you are a lender Nationwide, wouldn"t you set the terms of the deal?

Originally posted by nationwidepi

Originally posted by Tony Walker

If you are a lender Nationwide, wouldn"t you set the terms of the deal?

Of course I would Tony, but that is not my question or point. I am in the process of setting up a transactional funding program to lend but was questioning Stacey's answer as far as security for the transaction he was involved with. Is that OK to ask?

Of course it"s ok to ask a question, you certainly don"t need my permission.

It just seemed like you were badgering him because he didn"t give the right answer.

Maybe you could of just stated that you are in the process
of setting up a transactional funding program and could use some info from him to properly set up your parameters for this type of funding. :roll:

Originally posted by nationwidepi

It just seemed like you were badgering him because he didn"t give the right answer

Not at all! I like Stacey and have no problem with him. he jsut missed my question (I think) and my post was a "reminder" or a "hello, what about an answer to my question"

Maybe you could of just stated that you are in the process of setting up a transactional funding program and could use some info from him to properly set up your parameters for this type of funding.

That is something I will have my attorney handle and not get from a forum. In fact, my appointment is tomorrow. What I wanted clarification on was the "partnership" if the funds were not paid back.

Ok I see. Wish you success in this new venture. :cool: