Hard Money Loans

Chairman and CEO Peter Kraus has shuffled personnel and launched new products to help stem client defections

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London, England, United Kingdom (AHN) – Joint forces of the London police and Britain’s Serious Fraud Office raided the offices of two prominent London brothers over the collapse of Icelandic bank Kaupthing.

Robert Tchenguiz was the biggest client of the collapsed bank with a loan portfolio of about $2.1 billion (GBP 1.4 billion). He used the loans to invest in several large British companies, including restaurants and retailers.

The police also raided Vincent Tchenguiz brother’s office in Mayfair. Vincent was Robert’s business partner and also had loans with Kaupthing.

135 police officers and SFO investigators, blocked all elevators and prevented the other building tenants from entering the edifice.

Kaupthing was one of three Icelandic banks that collapsed during the global financial crisis in 2008.

160,000 British depositors failed to withdraw their money and the U.K. Treasury had to bail them out to the tune of $3.75 billion (GBP 2.5 billion).

According to a report of a truth commission to the Icelandic Parliament, the Tchenguiz brothers loans from Kaupthing made up 55 percent of the failed bank’s capital base. The report said the bank’s exposure to Robert Tchenguiz went against Kaupthing’s rules.

The brothers, however, said they lost about $1.5 billion (GBP 1 billion) when Kaupthing was closed on October 2008. The two claimed that Kaupthing’s former management duped them into placing millions of pounds of assets as collateral on their loans without disclosing to them solvency problems of the bank.

The London police and SFO said they are investing claims of market abuse, excessive loans to clients and fraud.

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A hard money loan is a loan that is privately funded, usually by companies that specialize in real estate. They give short term real estate loans to people to people (including people who may not be able to get a traditional mortgage) with the purpose that the purchaser fix up and sell the property for a profit. There are many ways that a hard money loan may differ from what most people expect from a real estate loan, but that is the major way, a private money loan is not intended for purchasing a home to live in.

Another way private money loans and bank loans differ is in the requirements to get financing. Hard money loans are generally easier to obtain than mortgages. The credit score necessary is often lower. It is even possible for someone with bad credit to get financing for commercial or investment property.

There are a few reasons why hard money lenders are able to approve loans more easily than banks. The first is that they charge more in interest and fees. They have to in order to compensate for the high risk they are taking.

Another reason they can afford give out these high risk loans is that they generally only give them out for around 65 to 70 percent of the market value of the property. It is up to the buyer to either come up with the difference, or to buy the house for below market value. This is completely feasible in the times we find ourselves in. It is an unfortunate reality that more and more people are getting foreclosed on. By only financing part of the market value of the property, private money lenders make sure if their client does get foreclosed on they can still recover their investment. By selling the property for market value, that way after fees, the lender breaks even.

Another major difference between hard loans and traditional mortgage loans is the length of their repayment period. Most private money loans have a maximum duration of 2 years. After that, if the client wishes to remain with the property, they must refinance.

These are just a few of the main ways in which hard money loans differ from traditional real estate loans. There are also many differences among various private money lenders. If the goal is to get a loan for a commercial or investment property, and little credit and/or a traditional loan doesn’t seem to be the best option, than a hard money loan should be considered. There are plenty of references to be found online, the right answer is always in the hands of the consumer.

Cash advance loans can be a very easy and convenient temporary solution to minor money woes. There are some steps to remember if you decide a cash advance loan is what you want to do.

Author: Hector Sam Charlie
Article Source: EzineArticles.com
Canada duty

Dallas, TX, United States (AHN) – U.S. State District Judge Bruce Priddy allowed two groups of investors to claim $115 million against former Canadian developer Eric Brauss.

Judge Priddy allowed the U.S. investors to claim $65.3 million against Brauss and the Nixdorfs $49.5 million.

Brauss owned the Windsor Speedway and Today Management and then left Windsor in 1990 for Dallas.

His Canadian companies developed 60 plaza, strip malls and office buildings in Ontario. His business in Texas prospered so much that by 2008, Brauss’ net worth reached $28 million.

However, reports said Brauss – who originally is from Germany – fled to Brazil in 2009 after he was accused of diverting millions from his company’s real estate projects into his personal accounts or other firms he owned.

Despite the large amount of claim Priddy allowed, the investors may not be able to wholly collect their money because only a fraction of Brauss’ partnerships have much value, the receiver overseeing Brauss’ companies said.

Brauss’ lawyer admitted his client – who also reportedly owes $750,000 to different Las Vegas casinos – will no longer return to the U.S., but maintained the developer left with his personal money only.

Earlier this year, Dallas resident Doug Barnes got a $35 million judgment against Brauss. Barnes, owner of a national chain of eyewear stores, was the largest individual investor in the real estate developer.

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For mommy real estate agents, there comes an awkward time when it becomes very difficult to integrate children into everyday real estate business dealings. Babies can be thrown on your hip, go with the flow and even go on appointments. School-age children provide you time during the day to work your real estate business, and at other times can be helpful with hosting open houses or handing out flyers. But for that time in between, when your children are in that toddler through preschooler phase, you may find it best to keep the children completely out of the appointment loop.

There are always exceptions to any rule, of course. And there are some exceptions here. Assuming your child has had her nap and is in a reasonably good mood, there are a few appointments you can take your small child on:

— If you know the client personally and they have previously met your child

— The client also has a child (or several) who are in the same age range and the client indicates you should bring the child over

— A quick drop-off of paperwork, flyers, etc.

If you’ve been taking your baby to appointments with real estate clients and just chugging along, it’s easy to keep working your real estate business the same as before. But it’s important to think twice before bringing your child along when she’s between the ages of 1 to 5 years old. To your real estate broker’s office, sure. To run errands for your real estate business, fine. But appointments with real estate clients, think again. You don’t want to kill the deal. And a kid could possibly do that, with any client. Even another parent…while she might be understanding and sympathetic when your child has a meltdown…can think of the whole thing as a huge turn-off and wonder about your professionalism.

You know your child’s “limitations” more than anyone. You know the signs of fussiness coming on, the look of hunger. It’s just better not to chance turning an appointment into your worst nightmare.

If you don’t have consistent daycare for your child or baby, you have options. First, set up appointments on evenings and weekends when your significant other or a family member or friend can be relied upon to watch your child.

But what about those last minute calls from your clients who just MUST see you that afternoon? Urgent requests to see properties or to sit down and sign those listing documents can happen. And they can give you less than 2 hours notice.

If you want to be a competitive agent and want to provide service to your client, you want to try and find a way to make it happen. In these cases, you need to set up some last minute “emergency” daycare ahead of time. If you have a family member or a friend who is available during the day for these last minute client demands, that is ideal. Make sure you have a plan A and a plan B (just in case plan A falls thru) for last-minute child care.

Don’t worry, these awkward toddler and preschooler years won’t last forever. Before you know it, you’re child will be in school and she will be a big help to your real estate business if you want to make things a family affair.

Author: Tina McAllister
Article Source: EzineArticles.com
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