Posted by: Bernie Day ®
06/30/2004, 20:46:04
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Hi - I ran across an opportunity to provide bridge financing for one to a few properties at once for a property management company that is buying them 60% - 80% below value in bulk from banks - like 400 at once. I would provide financing with my good credit - 80% LTV and I get paid a fee 5 days after closing of 5%. The difference between the 80% LTV and the price they actually paid is their profit to keep, less all the expenses including the mortgage payments until they sell it. They will pay for any repairs, or whatever. Is this legal and am I too exposed financially? Thanks!
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