There’s Profit In Those Plates....
Investment Info:
Large multi-family (5+ units) hard money loan investment in Houston.
Purchase price: $2,000,000
Cash invested: $375,000
Sale price: $2,500,000
Hard money religious facility deal that I’ve been working on for a couple months. The buyer wanted to offer 15%, but the seller wants more. We are getting real creative with this one.
How did you find this deal and how did you negotiate it?
Met the realtor at the gas station
How did you finance this deal?
Still in progress. Churches are tricky. They have to disclose not for profit monies that is given to the church as profit when securing a loan.
What was the outcome?
Still pending.
Lessons learned? Challenges?
Churches with bad accounting practices make this type of loans very difficult to complete. Ask your church client if they have a CPA. If the response is no, then you’re in for a run for your money. Ask me how I know...
