Mar 07 '08, 10:39 AMAs anyone in this forum knows, there is a big advantage to being liquid in our current market. Unfortunately, our company finds itself in a position with 95% of our liquid funds still tide up in property and bonds.
We are looking for an investor to place $250,000 in a unilateral escrow account as a refundable ("soft") deposit on a property that we are currently liquidating funds to purchase.
- There will be a 60 day due diligence period on the property during which the deposit is refundable.
- The investor will have full control over the escrow account and will be a required signatory on the account.
- Our intention is to have our purchase money funds liquidated within the 45 day period and purchase the land.
- If, for any reason we decide not to purchase the land, we will exit the contract prior to 45 days and return the investors money plus a 6% return on investment ($15,000).
- However, if plans move forward as intended, we will return the investors $250,000, plus a 25% return on investment ($62,500).
It should be noted that our company already has $45,000 into this property in the form of legal fees that will not be returned if we pull out during the due diligence period. Hence, it is our firm intention to purchase this property.
We have already had lawyers draw up the contracts, which I would be happy to share. Please contact me for additional information.
