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$30,000 for your 700+ FICO score. 100% risk free.

posted by undergroundking 02 Nov ’09, 5:59 pm

I was just wondering if anyone is interested in making extra money on the side because I am in need for a good credit investor. I have sent this same message to those I talk with frequently. This is if you have a good credit. Please take 5 minutes to read the information explained below.

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I am looking for a credit investor to help me obtain a unsecured commercial or small business loan to purchase an apartment complex in Dallas area. This is not a partnership. What I am about to explain below is 100% risk free and there are no fees of any kind for the credit investor.

Seller will do a wrap around financing with no qualifying and $1.16m down. The terms of the seller financing will be exactly as the underlying mortgage.

Address: Not disclosed
Built: 1969
Units: 178
2009 NOI: 554,183 (actuals annualized)
2008 NOI: 575,816 (actuals)
Annual Debt Sevice: 260,916
DSCR: 2.12 (the soon-to-be obtained unsecured loan is not included in this DSCR)
Existing loan amount: $3,550,000
Down Payment: $1,160,000
Asking Price: 4,710,000
Cap rate: 11.76%

Unsecured Loan Amount: $1,300,000
Annual Debt Service: $103,021 (30 yr amortization, 8% interest. The lower the interest rate, the better)

The total annual debt service for both loans will be $393,937 causing the DSCR to be 1.52.

The average cap rate in the area is 10% which mean the property is actually worth approximately $5.54m. The property will have about $830,000 in equity when purchased. The loan has to be unsecured due to that the lender of the existing mortgage, Fannie Mae, does not allow any lien attached.

I will to pay a credit investor $30,000 at closing from the loan. The co-borrower will be on the file for up to 12 months depending on the lender's requirements. I prefer to have them removed within 6 months. The $30,000 is the compensation and insurance for being the credit investor. In case the borrower fall behind in payments, the co-borrow can use the money to make payments. This is 100% risk free.

I highly doubt that a payments will be missed. If you or anyone you know would be interested, please email me to talk more about it.
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Thanks for reading,

Knute White
KAW Investments
knute_white@yahoo.com
P.S. I will pay a $2,500 referral fee at the closing if you prefer not to be the co-borrower but refer me a good credit investor instead.

This discussion so far ↓

• $30,000 for your 700+ FICO score. 100% risk free. - undergroundking, 02 Nov ’09, 5:59 pm
  • $30,000 for your 700+ FICO score. 100% risk free. - joshalexd, 09 Nov ’09, 5:03 am