All Forum Posts by: Dan Dares TM
Dan Dares TM has started 2 posts and replied 5 times.
Post: Sponsor / Key Principle
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Quote from @Chris Seveney:
@Dan Dares TM
You can use your family
Member but they will need to be a part of the deal and the bank will most likely want them to personally guarantee the loan.
thanks Chris
Post: Sponsor / Key Principle
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Quote from @Stuart Udis:
Yes it’s common to have an additional guarantor who has a balance sheet added as a credit enhancement. However, lenders want to see the additional guarantor receive consideration in return for their guarantee. This is because there’s well established case law that states a lender can only hold a guarantor personally liable if there was a benefit received. This translates to ownership or a fee, but most lenders want to see ownership. Also, the lender wants to see liquidity from the co-guarantor.
Well said. thank you
Post: Sponsor / Key Principle
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Question..... Does anybody know if a bank will qualify a sponsor that has the net worth but does not have a schedule of real estate? I'm wondering if I could use a family member with a high net worth on my larger multifamily deals.
Post: Attorney for multifamily real estate acquisition
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My investors are friends of mine however and will not be very active as i have informed them that i (as the general partner) will be making all the decisions. would you suggest a local RE attorney form the oporating agreement with the roles spelled out should be good enough?
Post: Attorney for multifamily real estate acquisition
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We are looking for an attorney with experience that can construct an operating agreement for an LLC for an acquisition of a multi family property in the state of Arizona. Using a general partner and multiple investing partners.