please let me be your pupil. But really though, does this general list of requirements apply to any industry. Say for example I wanted to borrow 100k from said "capital holdings" would I need to follow the same steps?
Every institution has different guidelines. The key to the game is matching yourself up with the lender that you meet the requirements for, and they change all the time.
I literally missed my chance to be a multi million by a matter of weeks, because of guidelines changing
I was gonna close on this house, it was featured in the movie Out of Sight with George Clooney and J Lo, it's located in Bloomfield Hills, Michigan one of the most prestigious areas in the country.
The appraisal was floating around the real estate scene, for like 14.3 million, the asking price was 7 million.
So I Just went and knocked out the door to that big motherfukka. She was like castlevania in that bytch, the fire place had gold in it, and they were leaving 500,000 in furniture there. So the plan was to write up for the 14.3, he get the7 million and kick me back the rest.
So my LTV would be 70 percent, so I would get 10.3 or something from the lender to purchase, they take 7, and get me back the 3 mill and some change
plus I have the other 4 million in equity, which I can pull out at a later date. But I already had a plan to buy 100,000 houses in Detroit and an 88 unit apartment building, which would have instantly made me a multi millionaire
The guy who answered was young, he had married into the family, so technical he was still broke, but he had managed to get his name onto the deed of the house, so the sale of this house would get his pockets right. I told him my plan to close on the loan, I had a hard money lender in California they would lend my 70 percent of the value as long as I can bring the 30 percent to the table, and of course I already had my system in place because I knew a millionaire who just moved money for a living. So he was game, all exited, I got the purchase agreement, without hesitation.
Just went I was about to submit the deal, the guidelines changed, and they no longer did loans in Michigan, so I couldn't get approved for the funny. This was before the banks collapsing,
Had this one dude that used to sell the meats to customers at lower prices in the back of the parking lot.
i don't recommend this for all you youngins on the boards tho.You may think they are goody good goods... but lemme tell you something... all these girls are wild, especially with chicks getting exposed at an all time high
do tell. pass the mustard if you must
where the hell were you when I was looking for a loan