All Forum Posts by: Copelon Kirklin
Copelon Kirklin has started 45 posts and replied 172 times.
Post: Looking for Buy & Hold opportunities in Columbus, Ohio
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Hi @Corey Liepelt,
Any interest in Toledo, OH properties?
Post: Rather Use Private Money - Long Term Funding Partner Wanted
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Al Williamson:
@Copelon Kirklin - hey, your money is too expensive for my situation. I'm not making any sudden moves.
I'm open to traditional and creative options. But not at hard money rates.
I don't want you to get the misconception that a few posts regarding hard money and revolving lines of credit are what I'm limited to. As a private money broker, I function exactly like a mortgage broker, with the exception of primary residential mortgages. I have access to several lenders and their respective products. I asked whether you preferred traditional or other options because I can arrange financing for most investment loan scenarios. For multi-family properties with loan requests above $400K, I have a bank product for that. Cash flow and value are more important than FICO with this product. If you're interested in discussing, shoot me a PM.
Post: Rather Use Private Money - Long Term Funding Partner Wanted
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Are you seeking traditional financing or are you open to other financing options as well?
Post: Revolving Line of Credit - NATIONWIDE
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Just to clarify to everyone on this post, the usury laws referenced apply only to LOANS and not CREDIT LINES. A revolving line of credit is akin to a credit card, which is not subject to an usury laws. Which is why your credit cards normally carry such high interest rates. See the link below...
Usury Laws and Limits on Credit Card Interest Rates - FindLaw
Post: Revolving Line of Credit - NATIONWIDE
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Jerry W.:
@Copelon Kirklin, I am going to advise you to close your add and seek the advice of a lawyer before putting it up again. Lending is tightly controlled even for pawnshops. Your rate exceeds even their laws. Just posting your add and having it be shown in Wyoming is illegal. I did a quick check on usury laws and every state I checked has limits well under your level. The penalties for violations I saw range from being liable for 3 times the amount of overcharge to jail and not being required to pay back the loan. If you can show you are legal I would be glad to look it up and give an apology if I am wrong. I am positive it is not legal in many states. I know everyone must make a living and this might help some folks, but this add is a crime as far as I can see. If you want to do this right try asking folks like @Jay Hinrichs or some of the other lenders on here for help. @Joshua Dorkin, or @Brandon Turner, might be able to steer you towards other lenders as well.
Will shoot you a PM, Jerry...
Post: Looking for 20K investment for short term, GREAT PROPERTY
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
@Account Closed
Would hard money be an option? Also, do you own any other real estate with equity?
Post: Revolving Line of Credit - NATIONWIDE
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
It definitely can be expensive but that is dependent upon your strategy. You have a lot of investors who need gap funds to take care of a rehab. For example, if you're a flipper who's looking to be in and out on a deal, then it's not a bad product. If you can replenish what you use rather quickly (again, dependent on your strategy), not a bad product. However, if you plan on maxing out the line and it takes you a year or more to replenish it, it's definitely expensive. This is not a loan @Adam Morgan, therefore it doesn't function or cost as such. But it is a revolving line and you can keep/use it as long as you like.
It is not for everyone @Jerry W. and @Patrick L.
Post: Revolving Line of Credit - NATIONWIDE
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
50% LTV is the max so yes, that would allow for a $150K line of credit. Shoot me a PM to discuss further.
Post: Revolving Line of Credit - NATIONWIDE
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
No points or extra fees @Ramon Jenkins.
The lender uses the NADA user guide to determine a vehicle's value.
Post: Revolving Line of Credit - NATIONWIDE
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
4% monthly interest rate on your usage.