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| $5 Million Blanket Mortgage | Views: 439 |
| Aug 08, 2006 5:31 pm | | $5 Million Blanket Mortgage | # |
Kaaren Hall | | Would you have some kind of resource to help this borrower? If so, you can contact me at Kaaren4Mortgage@Hotmail.com
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I received an e-mail through my networking efforts stating, "I have a potential $5 million residential real estate funding transaction in the CA region for which I would ask your assistance. Behind this transaction are repetitive international commercial projects (potentially $250 million each) that will require funding --- potential private equity with an international / global flavor."
I called him and he says "Couple A" is looking to purchase a home from "Couple B". Basically the two families want to switch houses. Couple A would purchase Couple B's home then Couple B would rent Couple A's current residence.
Property A is in Los Olivos - Value = $2.8 million - mortgage on property for $1.4 million
Property B is in Solvang - Value/Purchase Price = $3.3 million
$6.1 million in value, $5 million loan. That's an 82% Loan To Value ratio.
Couple A is looking for a non-traditional type of secured loan/mortgage. They want to find a private investor to loan $5million on both properties so they may purchase Property B and have some $$ left over as capital for a very interesting business venture they are involved with.
Apparently Couple A is getting involved with a theme park and they expect to see a very large profit. At that time they would pay off this "blanket mortgage" (loan on 2 properties). Therefore they would like the $5 million with no prepayment penalty.
-Kaaren Hall
(866) 538-3539Private Reply to Kaaren Hall |
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