Actual Questions I’ve Been Asked by Borrowers/Brokers

2 Reply

Abby Shemesh

Investor · San Francisco, CA · Member since 2014 · 21 posts · 31 votes

2y

What about your shoe size? Not relevant?

Carlos Ptriawan

Member since 2019 · 7k+ posts · 4k+ votes

2y

Quote from @Don Konipol:

Actual Questions I’ve Been Asked by Borrowers/Brokers

1. My client is worth over a billion dollars. How quickly can you make him a $25,000 loan?

2. Do you lend 150% of appraised value?

3. How much down payment do I need to borrow how much?

4. Why would you want a first lien when you can have a second?

5. Your website says you’re a hard money lender. Are you familiar with hard money lending?

6. What credit score do I need to qualify for a no credit score loan?

7. I applied for a spot in a mobile home park and was rejected. Can you lend me the money to buy the park?

8. I saw your ad with Zsa Zsa Gabor, do I get the 10% discount for mentioning it?

9. I need to buy a property and leave closing with cash in my pocket. Which of your loan products meet that requirement?

10. Before I fill out a loan application I need to know if you care what kind of dog I have?

#8 is soooooo funny , I thought it was Taylor Swift

V.G JasonPro Member

Investor · Member since 2022 · 3k+ posts · 3k+ votes

2y

Quote from @Don Konipol:

Actual Questions I’ve Been Asked by Borrowers/Brokers

1. My client is worth over a billion dollars. How quickly can you make him a $25,000 loan?

2. Do you lend 150% of appraised value?

3. How much down payment do I need to borrow how much?

4. Why would you want a first lien when you can have a second?

5. Your website says you’re a hard money lender. Are you familiar with hard money lending?

6. What credit score do I need to qualify for a no credit score loan?

7. I applied for a spot in a mobile home park and was rejected. Can you lend me the money to buy the park?

8. I saw your ad with Zsa Zsa Gabor, do I get the 10% discount for mentioning it?

9. I need to buy a property and leave closing with cash in my pocket. Which of your loan products meet that requirement?

10. Before I fill out a loan application I need to know if you care what kind of dog I have?

Don't appreciate you sharing my private questions, publicly.

#7 though, that's the attitude. I got rejected? I'll buy them out.

2 Reply

Don KonipolBusiness Member

OP

Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes

2y

Quote from @Carlos Ptriawan:

Quote from @Don Konipol:

Actual Questions I’ve Been Asked by Borrowers/Brokers

1. My client is worth over a billion dollars. How quickly can you make him a $25,000 loan?

2. Do you lend 150% of appraised value?

3. How much down payment do I need to borrow how much?

4. Why would you want a first lien when you can have a second?

5. Your website says you’re a hard money lender. Are you familiar with hard money lending?

6. What credit score do I need to qualify for a no credit score loan?

7. I applied for a spot in a mobile home park and was rejected. Can you lend me the money to buy the park?

8. I saw your ad with Zsa Zsa Gabor, do I get the 10% discount for mentioning it?

9. I need to buy a property and leave closing with cash in my pocket. Which of your loan products meet that requirement?

10. Before I fill out a loan application I need to know if you care what kind of dog I have?

#8 is soooooo funny , I thought it was Taylor Swift

The rest of the conversation went like this:

“I saw your ad with Zsa Zsa Gabor, do I get the 10% discount for mentioning it?”

(ME) We don’t have an ad with Zsa Zsa Gabor

“Oh yeah I meant your ad with Joe Namath. Sometimes I get those two

confused.”

Private Mortgage Financing Partners, LLC

Lawrence Bland

Real Estate Professional · Lancaster, CA · Member since 2016 · 8 posts · 3 votes

2y

LOL, #6 had me cracking up. Someone actuall asked you that. lmfao!!!

Chris SeveneyBusiness Member

Moderator

Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

2y

@Don Konipol

So we have a short term loan with someone and as part of the loan they paid all the interest upfront (12 month loan), loan is maturing and they have extension options (for a fee) - they asked about the extensions and we said it was X amount for the extension and you would also start paying the monthly interest as well.

They flipped out and am like what do you mean I have to pay interest ? This loan does not have monthly interest payments

After explaining to them they paid the first year upfront and nothing else they are finally getting it (we think)…

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Don KonipolBusiness Member

OP

Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes

2y

Quote from @Chris Seveney:

@Don Konipol

So we have a short term loan with someone and as part of the loan they paid all the interest upfront (12 month loan), loan is maturing and they have extension options (for a fee) - they asked about the extensions and we said it was X amount for the extension and you would also start paying the monthly interest as well.

They flipped out and am like what do you mean I have to pay interest ? This loan does not have monthly interest payments

After explaining to them they paid the first year upfront and nothing else they are finally getting it (we think)…

My opinion is that what we see is a failure of our school system. The schools ignore personal finance and business and hence people enter the world totally clueless as to basic concepts of business and finance. 25 years ago when I was financing small investors I made a loan to the purchaser of a small 12 unit apt complex. It was an interest only loan with 12 months payments and then ballooned. After the investor made 12 months payments I sent a request for payoff. She freaked out, she said the note only called for 12 interest payments and no more. She actually thought she had paid off the loan!

In a similar vein I had an investor in one of my early funds who had invested $100,000 for two units. At the time we were distributing about $600 monthly per unit, so he was receiving $1,200 per month. He called to ask if I knew someone who would purchase his units as he had a need for the money. We made arrangements and he sold the two units at a relatively small discount. About a month later I get a call from him letting me know he hasn’t received his income distribution for the month yet. I reminded him that he sold his units. His reply was that he sold the units, not the right to collect the interest. Sometimes you just find people who don’t understand even the basics.

Private Mortgage Financing Partners, LLC

Account Closed

Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes

2y

I’m not familiar with “hard” money, do you offer standard foldable money?

2 Reply

James Hamling

Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes

2y

Quote from @Don Konipol:

My opinion is that what we see is a failure of our school system. The schools ignore personal finance and business and hence people enter the world totally clueless....

Have you ever heard the term "Pavlov's Dog's" or "Pavlovian Conditioning"?
What has been the experience of the "Millennial" and those coming there after?

We have conditioned/trained "you don't need....", and one can still get. We conditioned to ignore price, just use this tiny down and here ya go. Just use this finance/credit card....

It has been mass-marketed-conditioning to IGNORE the price, here is financing JUST look at the payment. We trained people that they don't need to EARN anything, including out-right saying why wait when can have it NOW.
And in NONE of this has been a message of being careful, of what could come if that income falters at all.

We have conditioned consumerism at same time conditioning no-barriers to the consumerism, which meant conditioning people didn't have to really do anything for self other than simply want things.... That's it, just want, no responsibility of preparing to obtain, care for oh heck no fix things, lol, that's been replaced with throw it out and buy MORE......

And the death-song has been the moment any accountability crops up for such a consumerism, the laser focus of protecting the consumer economy means blame Blame BLAME someone, something ANYTHING else for the falter because we "need" the consumerism......

So now we have conditioned when a person leverages self to the gill's, taken on mountains of debt and the grand some of there career is waiting tables or making coffee and some toilet-paper degree that a bajillion others also have, and maybe a few years experience at best.
It's "not there fault" it's the rich..... the "rich not paying there fair share"..... Or it's past Presidents fault..... It's always someone else's fault that a person has any deficiency, NEVER peoples own fault for how they live.

So we get what we have now......
Where people expect and demand some "invisible hand" take care of, provide, anything and everything that creates any impediment to there having what there wanting.
ZERO thought, not an ounce of consideration as to HOW that all happens, is funded etc...
I mean come on, where does one think the Gov. get's the $ to pay these things? The Gov. is US, you and me, "we the people" so it should be a Duh-moment realizing we are all paying for it via empowering someone to take from us and pay it in a roundabout manner.....
Nope..... people will argue day n night how "Duh, the Government pays for that dummy, not us.....".

We have conditioned entire generations now of "Sheeple".
Thoughtless zombie-consumerism.... And conditioned these "sheeple" for universal idiocy.

Good ole-Gorby was right; it wouldn't be from without, it's from within that we are destroyed....

3 Reply

V.G JasonPro Member

Investor · Member since 2022 · 3k+ posts · 3k+ votes

2y

That conditioning all goes out the window when it goes from 0% interest rate cards or buy now, pay later to prime rate. The reckoning has not been realized, and the debt loves to hide, but it's coming.

3 Reply

Don KonipolBusiness Member

OP

Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes

2y

Quote from @James Hamling:

Quote from @Don Konipol:

My opinion is that what we see is a failure of our school system. The schools ignore personal finance and business and hence people enter the world totally clueless....

Have you ever heard the term "Pavlov's Dog's" or "Pavlovian Conditioning"?
What has been the experience of the "Millennial" and those coming there after?

We have conditioned/trained "you don't need....", and one can still get. We conditioned to ignore price, just use this tiny down and here ya go. Just use this finance/credit card....

It has been mass-marketed-conditioning to IGNORE the price, here is financing JUST look at the payment. We trained people that they don't need to EARN anything, including out-right saying why wait when can have it NOW.
And in NONE of this has been a message of being careful, of what could come if that income falters at all.

We have conditioned consumerism at same time conditioning no-barriers to the consumerism, which meant conditioning people didn't have to really do anything for self other than simply want things.... That's it, just want, no responsibility of preparing to obtain, care for oh heck no fix things, lol, that's been replaced with throw it out and buy MORE......

And the death-song has been the moment any accountability crops up for such a consumerism, the laser focus of protecting the consumer economy means blame Blame BLAME someone, something ANYTHING else for the falter because we "need" the consumerism......

So now we have conditioned when a person leverages self to the gill's, taken on mountains of debt and the grand some of there career is waiting tables or making coffee and some toilet-paper degree that a bajillion others also have, and maybe a few years experience at best.
It's "not there fault" it's the rich..... the "rich not paying there fair share"..... Or it's past Presidents fault..... It's always someone else's fault that a person has any deficiency, NEVER peoples own fault for how they live.

So we get what we have now......
Where people expect and demand some "invisible hand" take care of, provide, anything and everything that creates any impediment to there having what there wanting.
ZERO thought, not an ounce of consideration as to HOW that all happens, is funded etc...
I mean come on, where does one think the Gov. get's the $ to pay these things? The Gov. is US, you and me, "we the people" so it should be a Duh-moment realizing we are all paying for it via empowering someone to take from us and pay it in a roundabout manner.....
Nope..... people will argue day n night how "Duh, the Government pays for that dummy, not us.....".

We have conditioned entire generations now of "Sheeple".
Thoughtless zombie-consumerism.... And conditioned these "sheeple" for universal idiocy.

Good ole-Gorby was right; it wouldn't be from without, it's from within that we are destroyed....

Can not disagree with anything you said. You’re right - sad, but true

Private Mortgage Financing Partners, LLC

James Hamling

Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes

2y

Quote from @V.G Jason:

That conditioning all goes out the window when it goes from 0% interest rate cards or buy now, pay later to prime rate. The reckoning has not been realized, and the debt loves to hide, but it's coming.

100%. There is a debt-bomb tick-tick-ticking away, and with every tick it's been another few ton's of explosives rammed into that thing.

Youngens today forget USSR was destroyed with the ultimate weapon of mass destruction, not a nuk-bomb but a DEBT-Bomb....

[email protected]917-830-7144

Anderson S.Business Member

Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes

2y

Were you asked if you're an adult? Or if you're a scam (which I understand a bit more) or I can fund based on the future income...

Brooklyn Funding Group59 Reviews

Don KonipolBusiness Member

OP

Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes

2y

Quote from @Anderson S.:

Were you asked if you're an adult? Or if you're a scam (which I understand a bit more) or I can fund based on the future income...

Yeah, it hard to choose just 10…..I probably missed some good ones.

Private Mortgage Financing Partners, LLC

[email protected]917-830-7144

Anderson S.Business Member

Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes

2y

A very solid list!! LOL

Brooklyn Funding Group59 Reviews