Topic: Large loan needed, collateral offered (Read 2857 times)

Description   See more at  http://bit.ly/1v7VGyG
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Description

I am in need of a $20,000 USD (thirty thousand dollars) loan right now, for a real estate and business investment. We have two different projects going on at the same time and we need some operating capital.
I am a real estate investor, I have 12 years of success in real estate.
I currently have a 4 plex that we bought in May 2014. My wife and I are the only two partners in our LLC. We paid cash for the 5 plex (at the time, it was a 5 plex, but we have converted it back to a 4 plex during our remodel). We do not have a mortgage or any liens on the property as of now.
I have the deed in my safety deposit box.

We are also starting a retail store for selling vaporizers. We accept bitcoin as a method of payment and we have a bitcoin ATM from project Skyhook.
We need more operating capital to be able to hire the right staff for this to be successful.
We have no debts on this business right now, and we have not debt on our home.

We are attempting to grow the bitcoin community by empowering people to attain bitcoin easily.

Our store is well placed, in a busy retail end of town, near Walmart, JC Penny, IHOP, Harbor Frieght and Great Clips.

You can see our Project Skyhook ATM here;

https://www.youtube.com/watch?v=g9FGBNzfquM

This is our business build out so far. I was bragging here where we haven't had to take a loan yet.
I made this video a few days ago;

http://youtu.be/x8msrampPFM

We thought we had our 4 plex sold, but the buyer had a legal problem and the deal fell through.
So now we need to come up with some quick capital for operating our new retail store, and for fixing this 4 plex up.

We offer the option of going through a title company to place a lien on the deed of the home, for the amount borrowed in USD. Or we would be willing to offer stock in our company, which we could negotiate.  We have several ways of securing this loan.

You can see the listing for our property here;

http://cryptothrift.com/auctions/garage/4-plex-for-sale-by-owner/

I have more information, and pictures upon request.  If you follow the links I have also made a video walkthrough

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>> Loan Purpose
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We have invested about $8000 USD in the renovation so far, and we need to have roughly another $15,000 for completing our remodel, before we resell it. We are investing in $4000 more plumbing work to be done. We are going to take the city water pipes that are coming into the house, and make the ¾ inch pipes go consistently from the street to the water intake manifolds in the basement.
Right now it goes from ¾ inch pipes from the street to the house, and then it gets reduced to a ½ inch pipe once it enters the house. A plumber already gave us a rough estimate for the work, and we are looking at about $4000 to replumb most of this property in each unit.

We are also getting an electrician to rework some of the old wiring in this building and bring it up to code, which we plan to spend $4000 on that roughly. We have one quote for part of the project, but for all 4 apartments to be brought up, we will need roughly $4000 for electrical work.

We also intend to paint the outside of the building. The inside has been repainted. Each apartment has had new paint. Some of the apartments had the old linoleum pulled out and replaced with upper end tile. There are new counter tops made of corian and some made out of granite.

We are not putting this on the market or in the MLS just yet. We want to complete the project.

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>> Security & Contingency Plan
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The property makes $2150 per month gross when fully rented out. The net income is approximately $1700 per month. The expenses each month include a gas bill of about $150 per month, an electric bill for about $90 per month, a water/sewer/garbage bill for approximately $64, and property management fee of 7% of the net income, which depends on how many units are renting out. Right now we only have 2 units occupied. However when we bought this back in May 2014, it was fully rented out. We have incrementally ended each tenants lease and we have completed a remodel as we have gotten a tenant out.

It was appraised for $170,000 4 years ago. We own the deed free and clear of any banks or liens, and we are willing to put the deed up for collateral if need be.
This can easily be done via a title company, and we can do it remotely, by just using a public notary and sending the paper work back.  But we can easily setup a lien, and a way to legitimize the payments to count property towards the payoff.    This keeps everyone safe.


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>> Q&A
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- What is the primary purpose of this loan?

To do a major remodel on our investment property, and get it prepared to sell next year during the hotter buying season. We also intend to complete our store opening (www.clovisstar.com)

-How long do you need the loan?
This all depends on when the sale of this property takes place. The sooner the better for me. I expect this to take between 3 months to 6 months, but no longer than 6 months.
I need the lenders to be prepared to allow this loan to be 6 months before complete repayment.  

- Why is the price linked to USD?

I don't mean to break bitcoin loyalty or anything, but I think that the USD poses a more steady value to be held for a longer term loan like this.

- Do you have contact information?

I have my profile linked so my sellers accounts and my social media accounts. You are encourage to do your due diligence and see my stellar reputation for yourself.

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>> Payment Terms
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I will repay the loan as per the payment plan that BTCJam.com designs when the loan is created (check the terms put forth by BTCJAM)

This is what BTCJam has setup for the repayment
Loan Calculator

$20,000 borrowed @ 5% interest for 180 days

Number of payments
    6
Payments of
    10.29299947
Closing fee
    0.49828550
Total you will pay
    61.75799682

I will create this loan for a full duration of 6 months (180 days), but with the option and intention to pay this loan off in 3 months, with no pre-payment penalty. However, the interest that is calculated by BTCJam.com I will pay including the principle as defined in the loan agreement on BTCJam.com.

If at the end of 6 months, there is still a balance owed, that balance will be paid in full on the date that the loan comes due. I can get traditional financing on this home, I just choose not to use a bank. I would much rather incorporate Bitcoin into another aspect of our lives.

We have been buying and selling property with bitcoin for years.

This is a demonstration that I made for Youtube last year about buying properties at tax auctions, and selling them on Ebay for payment in Litecoin.

Ref; this was just before litecoin hit the roof.

https://www.youtube.com/watch?v=8hq_eebiulE

We invite anyone interested to make an offer on our multiplex/income property. We are in a position that we can accept 100% crypto-currency.

We can do this loan with or without security, but I am fully prepared to use my property deed to take the loan as well.   Contact me if you would like to negotiate terms or if you have questions, or if you would like to evaluate the property.

Ya, I can show what I paid for it in May.   I can show what it sold for 4 years ago.    I can show what the appraisal says.  And for sure there is not lien or mortgage presently on it. 

I can offer Title insurance through a local title company.   In fact, if someone wants to buy it, that is preferable.

I haven't even tried to get a traditional mortgage on it.   I am un-employed due to a car accident, and I don't have the best credit.

I prefer to work in bitcoin anyway. 

I will be putting this loan offer at BTCJam.com after I get verified. 

Who knows. If the property really is worth that much and does have a clear title (including the lack of a mortgage) then you may get someone to lend you money.

Also there are no HOA or POA fees.  Just property taxes of approximately $2450 per year billed bi-annually.   Insurance is approximate $1200 per year.   As stated before, it is ran by a property management company, and I think we figured out that the net income is $1700 approximately per month. 

I think a lien is suitable.   I do not have a lot of LTC like I once had, not much of any alt coin at all.   

I have invested a lot of my savings into repairing this rental property, and starting a new business, that included spending my alt-coin and bitcoin savings.   

I think $15,000 for this note is a good investment.   The house is worth 10 times that, on paper.   

The house is insured for $277k, it was appraised 4 years ago for $170,000.    It is a 5 plex, that we are converting to a 4 plex.   The income is $2150 gross, the net income per month is $1700 per month (includes taxes and insurance, and utilities, and 7% property management fee).  It is being managed by a property management company.   I had these numbers broken down a few days ago, and this is fairly accurate month to month, with only minor variations.   

I need the loan to repair the property and do some needed maintenance.   We are intending to downsize to a four plex, based on the difference of what is considered commercial via what is considered residential.   A four plex is considered residential to local banks.  A 5 plex is considered a commercial property.   The down payment and income qualifications are a major cost difference in buying a commercial property vs. a residential property. 

We bought the place in May with an insurance settlement that I got.   We put a bunch of money in to it, including removing old laminate floors, and replacing them with title.  Refinishing the cabinets, and refinishing the porcelain on claw foot tubs.   We have replaced the rain gutter, and painted all of the apartments.   We have had some plumbing work done, but we need a lot more finished, and we need to have an electrician rewire the furnaces so that each tenant pays for the cost of running their own furnace.  Right now, the landlord pays for the power that runs the fans on the furnaces.  But I want to change that.    Each tenant has their own meter for both gas and power.  There are 5 meters total.  One of the meters is for outside lights, as well as the furnaces and the water heater, the landlord currently pays for all of this, and we decided to change that.

For the price, it has a high income and a low overhead.   We are streamlining this, improving the condition of the building, by bringing it up to code where we are doing work.   It was built in 1939, but it has been kept up very well.

I haven't owned it long enough to have a real lengthly income history, and I did not get an income history from the previous owner. 
But I do have the leases that we adopted when we bought this place.  We ended everyone's lease, and remodeled the place.  Currently we only have two renters, who just recently signed leases after we completed the renovations in the apartments that they are in.

We are starting a vape shop that has a bitcoin atm, and we are trying to raise capital not only to finish our 5plex to 4plex project.  But we are also raising capital in part by selling our 4 plex to operate our new vape shop.

Im very transparent.  You'll see the ad for my (former 5plex) 4plex at the signature line of my post.  (just below)
As well as a link to our project that we are working on.

I don't think you will be able to get this by offering a lien on your property as collateral. I would ay there is a likely a good reason why you are not able to get a loan via your bank (assuming you have tried to do so).

If you are able to put up LTC, or other altcoins as collateral then you would increase your chances of getting the loan.

Plus the cost of foreclosing on a property is at least $15,000 (with a large servicer, with a smaller servicer/independently it will be a lot more. Therefore your property would need to be worth at least loan amount + $15k times 120% at the very least. You also did not state what the estimated value of the condo is nor the monthly HOA/condo fees are.

I need approximately $15k USD, or whatever the current equivalent in bitcoin is (currently 35.75 BTC at the time of this posting.

I need this loan for 6 to 12 months, while I have a property sell.   I just put a multiplex on the market for sale.   I am 100% owner, no banks involved.  I can use this for collateral.  I would accept a lien drawn up, at a title company, where I can insure a clear title, etc.

Return payment can be monthly or in one lump sum at the end of the loan term. 

Repayment on a month to month repayment plan, and the repayment amount would be $18k USD except in what translates to BTC, which 18k USD is worth 42.92 BTC now at the time of this post  (ref;  www.preev.com )

The loan is to finish a remodel that I have been working on.  We are also starting a bitcoin based retail business that we need capital for.

I have a few assets, titles, etc that I would be willing to put into escrow with a lien, or whatever.   This would be very easy to set up at a title company.   But we would probably have to put a USD$ value to it. 

I need the loan for at least 6 months, but it may be as long as 12 months.   If it need to go to 12 months instead of 6 months, I would be glad to pay 21k USD back.   

I am serious, and I need the capital ASAP.   I can tell you more via PM.