Is there a discount note deal here? - Posted by Mike

Posted by John Behle on February 26, 2004 at 12:54:07:

It’s not likely that a national note broker or funding source would have an interest in this deal, but local hard money lenders or local note funding sources may have an interest. The first one I would call if I were you would be Mike Morrongiello who is right in the bay area. His email and other contact information are in several places lower down in the forum.

He’s a real solid and extremely knowledgable guy to deal with. If he can’t help, he can likely direct you to someone who might be able to. This isn’t a typical note deal, so most won’t be interested, but it looks like it could be structured for safety and profit with the right rate, points, etc. You would be paid through points or a referal fee negotiated with the lender.

I wouldn’t rule out conventional lenders either. We have sparse details here, so I can’t guarantee someone would be interested, but it looks possible.

Is there a discount note deal here? - Posted by Mike

Posted by Mike on February 26, 2004 at 24:19:11:

Hi,

I’m trying to wrap my brain around this. Any ideas much appreciated.

There are these two investors who wish to purchase and rehab a multi unit building in the SF Bay Area.

The purchase price is $350k They are putting $87k down and
want “investors” to kick in $263k and they will give a one year loan @ 10% with a $5k ballon. The after rehab value will be in the $700k’s at least. I, as a note broker, would love to help them out an find them an investor. Any ideas how I would structure this?

Thanks,
Mike