Looking for 9 Million dollars for 300 units in Phoenix, AZ. should appraise for around 11 million based on cap rates. Loan to be short term for about 3 years then will refinance to get investors capital back. Email or post here if interested. chris@devislakend.com. Thank you.
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We just got approved to offer a loan that is backed by insurance.
The loan is Stated Income, Stated assets, No income verification and no credit no, prepay penalty.
The loan is guaranteed by an insurance policy and it's a Principal Only Loan.
As far as I know there is no limit to the loan amount. I know that they have done $2.5M.
The insurance company is worth $50 Billion and backed by investor money.
Here's an example:
100% finance
Must be owner occupied so put the utilities in your name.
$300,000 purchase or refi
Add 10.5% to the loan or $31,500
New loan amount $331,500
Divide that by 360= $920
Add the insurance policy $750 + $920= $1670 Principal payment for 360 months
No Prepayment penalty
The insurance policy is $750 up to $589,000 loan amount then its case by case. Also the insurance policy covers all your other insurance policy that you might have, auto , home, health, earthquake, hurricane, fire, flood, Travel, pet and so on.
Whats interest rate you are looking for?
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Lockton http://www.lockton.com/ is the world’s largest private insurer, leading Lloyds of London underwriter and General Insurance broker, bringing risk mitigation expertise to schedule potential insurance ‘wraps’ of both the corporate structure and the project to be funded. With headquarters in Kansas City, MO and London they operate in over 100 countries and were awarded as one of the “best places to working” in 2013 and are renowned experts in their industry.
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See attached file
Chris
I tried to see you an email and it came back to me.
Are you interested in conventional financing or hard money?
Mercury Commercial Advisors is a well established commercial mortgage broker We have extensive relationships with a wide range of lenders and financial intermediaries.
Our sister company, Mercury Capital is a direct hard money lender. We close our deals in three weeks.
By the way, the posting date is July 30, 2012 - is this deal still active?
Peter Hans
I can be reached at:
(O) 212-661-8700
(C) 347-419-1142
peter@mercurycany.com
peter@mercurycapital.com
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