I have money to lend-EXORBITANT rates.

I have posted on this subject before. I'm now ready to start. Several of you have inquired;Charles from Chicago, Stacy from Indiana, and Wendell/Stevie from FL. I'm now ready to start.
Disclosure- If you have no ansers to the following two questions, I won't be interested.
1.How are my funds going to be secured?
2.What is my method of repayment?
To benefit from my loand at EXORBITANT rates, you need to be sure of your upside on the money. I suggest you post, rather than PM me. There may be others on here that will loan to you if I pass. Thanks. Rich in Killeen.

Edited: 06/26/2010 at 09:22AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2,567 posts
7 awards
56 influence

Aug 15 '09, 07:56 AM

I'm actually looking for money partners that would be willing to split the cash flow and equity if they come up with the down while I do all the work.

Oh by the way I'm referring to multi's not so much residential.

Edited: 06/26/2010 at 09:22AM

Marc Freislinger

Real Estate Investor

916 posts
11 awards
57 influence

Aug 15 '09, 08:53 AM

I PMed you the other day. I am very interested.

I could secure the debt via 2 properties: The property being rehabbed and/or a rented SFH that is free and clear.

I would prefer to make interest only payment during the length of the loan, with a full repayment of the principle upon the sale of the property.

Edited: 06/26/2010 at 09:22AM

Justin S.

Rehabber · Chandler, Arizona

Donor Pro

1,257 posts
14 awards
68 influence

Aug 15 '09, 10:17 AM

Rich-

I've posted a few times that you should be a transactional lender. Answers to your questions:

1.How are my funds going to be secured?

Promissory note and deed of trust. I have 72 hours to pay you back in full plus your fees, after that 18% interest rate kicks in for 30 days.

2.What is my method of repayment?

B-C funds will pay you back in 72 hours (typically 24 hours). You will not lend me money unless I show you the bank approval letter, A-B contract, and B-C contract with LSR or proof of funds.

Let me know if you are interested.

Edited: 06/26/2010 at 09:22AM

Justin S., Wheelhouse Properties
E-Mail: wheelhouseproperties@gmail.com
Telephone: 4806780446
Website: http://www.wheelhouseproperties.com
Realtor, Re-modeler, Cash Buyer

Jesse R

Rehabber · El Paso, Texas

508 posts
7 awards
50 influence

Aug 15 '09, 12:38 PM

I need better rates for two quick flips that I plan to buy and complete within the next month. The best rate I've gotten so far is 11.99% rich. All the numbers work on these deals.

1.How are my funds going to be secured?
You will hold first position on both notes. I don't pay or complete my project within alotted time, you foreclose. They are both under the 65% range including repairs.
If I don't complete my repairs and sale on time, you'll end up with a good chunk of equity + repairs courtesy of perseverance group.
2.What is my method of repayment?
As 1st lienholder on the note, you'll be paid first at closing.

Thanks
Jesse

Edited: 06/26/2010 at 09:22AM by Jesse R

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Aug 16 '09, 08:15 AM

Any borrowers out there today? My rates are exorbitant, but I actually have the funds. Because of the HIGH rates, you need to have a complete process. As of now, I have 3 borrowers. These clients have property identified to buy, rehab costs calculated and CASH investor buyer lined up. They are buying and rehabbing for a total of 50K. They sell for 75-85 and pay me my exorbitant rate. Rich

Edited: 06/26/2010 at 09:23AM

Will Barnard

Rehabber · Santa Clarita, California

Donor Pro

7,835 posts
23 awards
92 influence

Aug 16 '09, 08:27 AM

Rich,

I am actively in search for several more REO's I can take down, rehab, and flip here in CA. The market has got very, very dry here and inventory levels are at record lows, so the pickings are slim at best. When I do, I may be contacting you (assuming I can contract more than I have my own cash for)
I am also still in search for that golden nugget with huge upsides in apartment buildings in TX or other areas, will keep you updated as usual.

Edited: 06/26/2010 at 09:23AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Aug 16 '09, 08:30 AM

If you find a Buckner Village, I'll buy it. Get working!! I prefer not to loan in CA because the amounts needed are too high. Prefer to loan on a bunch of 100K properties through different borrowers. Hope to finance my first 2 BP contacts before the end of the month. Then I can list a completed deal with a fellow BP member. Rich in Dallas for the night.

Edited: 06/26/2010 at 09:23AM

Will Barnard

Rehabber · Santa Clarita, California

Donor Pro

7,835 posts
23 awards
92 influence

Aug 16 '09, 08:36 AM

Buckners are hard to find as you know, but I am looking!
The CA for me are very sshort term and profitable due to the higher amounts. If you have no interest though, that is fine.

Edited: 06/26/2010 at 09:23AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Aug 29 '09, 07:34 PM

If you still have interest in the subject of this thread, PM or e-mail me. Thanks. Rich.

Edited: 06/26/2010 at 09:32AM

Amin Ali

Real Estate Investor · Chicago, Illinois

67 posts
1 award
50 influence

Jan 30 '10, 11:15 AM

Are you still lending in Chicago because I have two great deals right now?

Edited: 06/26/2010 at 11:26AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Jan 30 '10, 11:54 AM

Sorry. I'm not.

Edited: 06/26/2010 at 11:26AM

Ken Hughes

Real Estate Investor · melbourne, Florida

44 posts
2 awards
50 influence

Jan 31 '10, 09:36 AM

It's good to be Rich. I mean Rich Weese. When the right deal comes along I'll be knockin.

Edited: 06/26/2010 at 11:26AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Feb 01 '10, 01:11 AM

cute, Ken. Rich in fl

Edited: 06/26/2010 at 11:27AM

Ty Kirkpatrick

Real Estate Investor · Cicero, Indiana

108 posts
3 awards
50 influence

Feb 16 '10, 10:09 AM

Rich,

Please send me a colleague request, I would like to discuss a similar funding arrangement necessary for closing a few deals...you will get a very high rate of return...hope it meets your exorbitant interest requirements haha

Edited: 06/26/2010 at 11:41AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

4,267 posts
14 awards
91 influence

Feb 16 '10, 10:38 AM

Ty, I suggest that YOU send Rich the colleague request ... and then he might accept it. Then stay on top of your colleague list to see when it was accepted by Rich.

You see, these days Rich is doing quite a bit of travelling, and less time on BP.

Edited: 06/26/2010 at 11:41AM

Will Barnard

Rehabber · Santa Clarita, California

Donor Pro

7,835 posts
23 awards
92 influence

Feb 16 '10, 12:40 PM

Ty,

or you could contact me as Rich and I partner on funding deals. As Steve stated, Rich is traveling about and I could certainly answer any questions you may have.

Will

Edited: 06/26/2010 at 11:41AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Ty Kirkpatrick

Real Estate Investor · Cicero, Indiana

108 posts
3 awards
50 influence

Apr 05 '10, 03:01 PM

Will,

I did as you suggested, but I never received a response from you. Was there something wrong with my offering or did my request go to spam haha.

Edited: 06/26/2010 at 12:22PM by Administrator

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Apr 10 '10, 04:52 AM

I've received some PMs and I replied that I'm not currently providing these loans. Starting something else. Thanks. Rich

Edited: 06/26/2010 at 12:25PM

Scott R.

Real Estate Investor · Amarillo, Texas

434 posts
4 awards
50 influence

Apr 12 '10, 01:00 PM

Sad to hear that Rich, that just sucks.

Edited: 06/26/2010 at 12:27PM