Hard Money Loans

Edmonton, Alberta, Canada (AHN) – Alberta Premier Ed Stelmach celebrated his 60th birthday on Wednesday and officially retired from public service the following day. He had served as the Canadian province’s premier since 2006 and was leader of the Conservative Party.

Stelmach had made known his plan to retire from politics three months ago. He is leaving as the Liberals are questioning him over a health scandal, the Wildrose Alliance hit him on land rights and the New Democrats launch a probe into power lines in the oil-rich province.

Stelmach started his public career as a member of the Lamont County Council in 1986, and then as a reeve. After seven years he became a member of the Provincial Parliament. He held several provincial cabinet posts until he became premier.

The newly retired premier expressed appreciation that he still has his family by his side after about three decades of political life and his personal integrity still intact. Even Alberta Liberal leader David Swann admitted that while he disagreed with many of Stelmach’s decisions as premier, Swann never doubted Stelmach’s desire to work for a better future for Alberta.

Prior to his political career, Stelmach was a farmer on the family’s homestead in the province.

Among Stelmach’s legacy was a draft development plan for the oil sands’ lower Athabasca River basin. It is the first of seven regional watershed plans Alberta is crafting that would nullify some oil sands leases.

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Ottawa, Ontario, Canada (AHN) – A study by Environment Canada found that policies under the Conservative-led government are not doing enough to prevent dangerous climate changes, which could cause the loss of thousands of species, melt Arctic ice and lead to a rise of sea level by several meters.

To prevent a grim environmental scenario, global greenhouse gas emissions would have to be cut to zero immediately to avoid a 2-degree Celsius increase in planetary temperature this century. Although Canada agreed to the 2009 Copenhagen Accord which agreed to the target, the Tory policies run contrary to the Accord.

The report, which used a sophisticated computer models, pointed out that Ottawa continues to promote wider use and export of Canadian oil sands and coal. The model included carbon dioxide and other GHG emissions, aerosols, land use change, and the flow of carbon between the atmosphere, oceans and land surfaces.

However, Canada’s further export of oil sands may be curbed following a pronouncement on Wednesday by U.S. President Barack Obama that the American concern over the potentially destructive nature of Canada’s oil sands must be addressed before Washington approves the proposed TransCanada Keystone XL 3,200-kilometer pipeline project.

In March, The U.S. State Department ordered a new study on the $7-billion Keystone project and provided a public comment period until spring. Previously, the U.S. Environmental Protection Agency asked the State Department to make a supplemental environmental impact study over safety concerns and impact of the oil sands on climate change.

Canada supplies about 23 percent of the yearly U.S. imports of crude every year.

Harper, in a campaign trip to Quebec, promised to pursue more clean energy projects to reduce Canada’s dependence on fossil fuels and cut GHG. He promised to provide a $4.2-billion loan guarantee for Newfoundland and Labrador’s Lower Churchill hydro project, which will transmit electricity directly into Atlantic Canada and New England customers through two subsea cables.

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Paris, France (AHN) – French authorities on Sunday evacuated thousands of people from their residences after an unexploded RAF bomb, which was apparently dropped during the World War Two, was discovered in Boulogne-Billancourt in the outskirts of Paris.

Carmaker Renault owed the land where the 69 year old, 1000lb high explosive device was discovered.

Military experts started attempts to diffuse the weapon around 8 a.m. and managed to give an all okay only in the afternoon.

A force of some 400 policemen was deployed to help evacuate 6,000 evacuees, including men, women and children from their homes.

Many of them carried family pets, food and even suitcases with them. “People were asked to leave their homes at dawn this morning because the bomb was considered live and dangerous,” said a local police spokesman. “It was found by builders on land, which was heavily bombed during the Second World War. Homes, which fall within a four hundred meter radius of the bomb, have been evacuated,” he added.

Residents were given free cinema passes to spend their time, while many others stayed at local sports halls and other council buildings.

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Israel TML – Attempting to curb the flight of Palestinian Christians from Jerusalem, the city’s Latin Patriarchate is taking an unusual role in developing real estate projects that will provide affordable housing to its flock and others.

The church recently obtained building permits for 72 housing units to be built in the Beit Safafa neighborhood of southern Jerusalem on land purchased by individuals from the Al-Alami and Al-Husseini families. Last November, 68 Christian families entered their new homes in the Al-Shayah neighborhood on the Mount of Olives, in another project supported by the church.

Although the city is filled with churches, monasteries and other Christian institutions, its Christian population has been in a freefall. They numbered 31,000 in 1948, but today only 15,400, or just 2% of the city’s population, identify themselves as Christians, according to statistics published by the Jerusalem Institute for Israel Studies (JIIS) on Christmas Eve.

“The Beit Safafa project is intended for church employees,” Msgr. William Shomali, auxiliary bishop of the Latin Patriarchate of Jerusalem, told The Media Line. “We aren’t building a Christian ghetto there; even Muslims have encouraged this project because they realize that we are a small minority that needs to preserve itself.”

While the Christian population in Israel and elsewhere in the Middle East has been in decline for decades, Jerusalem presents a special problem. The city has limited room to expand, putting land at a premium and raising the cost of housing. The Israeli planning bureaucracy makes getting approvals for construction a slow and cumbersome process.

Shomali said he didn’t believe that Christians received preferential treatment from Jerusalem’s municipality, adding that zoning for the project began 15 years ago. He downplayed the distinctly Christian character of the project, saying the Latin Patriarchate was willing to facilitate purchasing groups from all segments of Palestinian society.

“Obtaining a permit is much easier for groups than for individuals,” he said. “I encourage all Palestinians to form such groups, and we will help them.”

Shomali insisted the church’s involvement was limited to coordination between the buyers, providing lawyers and engineers for the project. Funding, he said, was provided entirely by the buyers who take out loans from the Arab Bank, a Jordan lender that operates in the West Bank, never from church funds.

Rula Shehedeh, a 22-year-old Christian resident of the A-Tur neighborhood of Jerusalem, said housing was unaffordable for both Christians and Muslim youth in Jerusalem. Muslims often refuse to rent their homes to Christians, she said.

“To buy a house you often need your parents’ assistance,” Shehedeh told The Media Line. “Christian monasteries, such as Al-Faji on the Mount of Olives, sometimes fund building projects for Christians within the monastery confines.”

Hanna ‘Issa, who oversees Christian affairs in the Palestinian Ministry of Endowments, bemoaned the flight of Christians from the Palestinian territories.

“The emigration of Christians from Palestinian land has become a disconcerting phenomenon in recent times,” ‘Issa told the London-based Arab daily Al-Quds Al-Arabi. “Recent statistics indicate that 600 Christians emigrate annually from Jerusalem, the West Bank and Gaza.”

Bishop Shomali said it was initially his idea to help Christians purchase homes in Jerusalem and that the church gradually came to support it. He added that the main problem facing Jerusalem Christians wasn’t unemployment, but rather the high price of land in the city.

Hana Bendcowsky, director of the Jerusalem Center for Jewish-Christian Relations (JCJCR), said that previous building projects were undertaken on church land in Jerusalem, with new buildings rented out to young couples for cheaper than market prices.

“The Latin Patriarchate owns buildings in the Old City, which it rents out, and the Lutheran Church developed its property on the Mount of Olives,” Bendcowsky told The Media Line. “It’s hard to tell what will keep Christian families from leaving the city, but it’s certainly helpful when you have somewhere to live.”

As 2010 came to a close, Pope Benedict XVI took the opportunity to acknowledge the plight of Middle East Christians, pointing the finger at Israeli occupation as the main reason for the flight of Christians from the Holy Land.

“[Attacks against Christians] spread fear within the Christian community and [create] a desire on the part of many to emigrate in search of a better life,” the pope said. “The Israeli occupation is making their life difficult and the Israeli occupation is responsible for the declining of number within the Christian community.”

Bendcowsky said Israel’s security barrier, which cut off some Palestinian neighborhoods from Jerusalem, contributed to the price increase in neighborhoods, which were left within the city’s municipal boundaries.

“Neighborhoods such as Beit Hanina and the Old City, with high Christian populations, have seen a huge price increase over the last 10 years,” Bendcowsky said.

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Weyburn, Saskatchewan, Canada (AHN) – A Saskatchewan couple is complaining that a leaking carbon capture project caused them to leave their home and farm, and the death of several animals.

Cameron and Jane Kerr asked Tuesday the Saskatchewan government and project operator Cenovus to make a one-year study on their Weyburn farm to trace the source of alleged carbon dioxide contamination. The Kerrs bought the land in 1975 and noticed changes on the surface and groundwater in 2004, a year after C0 2 was buried in their area.

However, Cenovus and Saskatchewan said the area had been investigated several times and the studies failed to link the reported changes to the carbon capture project, which is the largest in the world. Carbon capture is a technology that involves injecting C0 2 below the surface to help push more oil out of oil wells, and at the same time help clean up greenhouse gas emissions of industry.

Cenovus pumps 6,000 tons of C0 2 into the ground every day and since 2000 has injected over 16 million tons of gas 1.4 kilometers (0.9 miles) below the surface.

An International Energy Agency study funded by the European and Canadian governments and 19 companies has concluded the technology is safe.

The Kerrs first noticed in 2003 that large cones of algae grew at the bottom of a gravel pit they dug to supply aggregate to Encana Corp. They later observed a red liquid that looks like blood coming out of the pit and subsequently corpses of a cat, goat and birds.

The blowouts were accompanied by a shooting foam, which led the Kerrs to fear that the injected C0 2 had leaked into their land. The non-profit green organization Ecojustice is supporting the couple, who claimed various health problems due to the emissions, in demanding a more thorough probe of the project.

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What is hard money used for?

A: Hard money is generally used as a bridge to allow the borrower or property to be brought into compliance with conventional financing guidelines or sold. It is generally a short to medium term solution (1-5 years) and it is used for all types of real estate: commercial, retail, office, industrial, raw land, construction, land development, multi-family, single family homes and manufactured homes.

Q: Why would anyone borrow hard money when banks charge lower interest and less fees?

A: There are many reasons why a borrower would choose to use private or hard money over less expensive institutional financing, but the following will address the most common uses. Speed of funding is the most common reason — banks typically take a minimum of 45 days to fund a residential loan, 60-90 days to fund a commercial loan, and 120 or more days to fund a construction or development loan. Private money, however, is typically funded within two weeks, and can be funded as quickly as 24 hours in certain cases. Another type of project suitable for private money is a property that either lacks cash flow to meet bank requirements or requires physical improvements. Banks will not typically fund a loan secured by a property that requires rehabilitation prior to its use, and thus the borrower will obtain a private money loan to purchase and rehab the property, and then payoff the private money loan with conventional financing. Sometimes a borrower will purchase a commercial property that has no tenants. Banks will not loan on such properties but private money will provide a bridge loan to purchase the property and provide the borrower with time to lease up the property. Once the leases are in place and have been “seasoned” for at least 12 months, a commercial lender will refinance the private money loan with institutional financing. Banks are also prohibited by law from making most types of raw land loans, so private money is practically the exclusive source of financing for raw land. Equity in the subject property or other properties owned by the borrower is another factor. For example, Coppercrest Funding http://www.coppercrestfunding.com loans based on the value of the property and not the purchase price, and is also able to cross-collateralize the loan with other properties, so we sometimes lend 100% of the purchase price.

Q: What are the interest rates?

A: Private money rates generally range from 12 to 14%. The rate is determined by looking at a combination of factors: (a) LTV ratio, (b) strength of borrower, (c) condition/desirability of property, (d) actual cash-in or real equity contributed by borrower.

Q: What fees are involved?

A: Hard Money Lenders charge a loan fee generally equal to 3 to 5% of the gross amount of the loan. There is also charge typical lender fees, such as a document preparation fee, a loan processing fee and an application/inspection fee. There are also third party fees involved, including escrow fees, title insurance fees and account servicing fees. CopperCrest Funding doesn’t not charge hidden junk fees, but some lenders do, so make sure you read the paperwork or have an attorney take a look at it for you.

Q: Can the fees be paid from the proceeds of the loan?

A: Yes, so long as there is enough equity in the project. Most often, all fees other than the application fee are paid from the loan proceeds.

Q: Is there a pre-payment penalty?

A: Generally hard money loans have a 3-6 month minimum interest requirement. For example, with a 6 month minimum interest clause, if the borrower repays the loan in 4 months, there is a penalty of two months interest. If the borrower repays the loan after six months, then there is no pre-payment penalty.

Q: How quickly can a private money loan close?

A: CopperCrest Funding have closed loans the same day when presented with a complete loan package, but we typically take one to two weeks. Since hard money is coming from private sources, and every deal is unique it is important to ask about closing timelines on a case by case basis, and each lender is different.

Q: Is an appraisal required?

A: Typically hard money loans require an appraisal, but if there is not enough time to obtain an appraisal and there are good comparable sales information then the lender can waive the appraisal requirement.

Q: Why do they call it “hard money”?

A: We have heard many explanations, but the most common answer is that the lending is based on “hard” assets as opposed to the borrower’s credit or income.

Hopefully this article answered some of your questions about hard money. If you are in a unique situation whether you have a great one of a kind investment opportunity or are facing a foreclosure because of an unexpected happening, hard money may be the solution for you. Remember, just like with any loan or mortgage, ask a lot of questions and read the paperwork.

Author: Matt Hartley
Article Source: EzineArticles.com
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Is buying real estate on PEI all that different from buying land and property anywhere else in Canada? With a few exceptions that are unique to our local market the answer would be no. The basic steps of negotiation, offer and closing remain the same however there are some special considerations. Tips 1 and 2 are unique to PEI, while tips 3 through 7 are common to all real estate deals.

1. PEI is home to the “islander” and while they are in general laid-back and given to helping their neighbour, the island is quite conservative and as such it is not a good idea to ‘low-ball’ too drastically on the first offer. While vendors anywhere may be insulted by a particularly low-ball offer, it seems that islanders are more prone to simply walk away from such offers. This is further complicated for non-islanders making a purchase here by the fact that PEI real estate prices are so much lower than most of the places they may be familiar with that it is hard for them to remember that a small decrease in price is actually quite a high percentage of the total price. So be guided by a comparative market analysis that can be had from a local realtor.

2. Some people believe that they can not, as non-residents, buy property here. They have heard of IRAC, the Island Regulatory and Appeals Commission. IRAC does control how much land you can own but you only have to ask permission if you are buying a huge amount of land, want to develop it in some special way, are buying more than 65 ft of waterfrontage (double that amount as a married couple) , or you are a major shareholder in a corporation that owns considerable PEI lands. For most people IRAC approval, even if they need to apply, is not an onerous procedure. There is a $500 or 1% fee however that should be kept in mind.

In addition to these tips that are uniquely PEI in nature there are some general tips you should follow when purchasing real estate.

3. Have a pre-approved mortgage in place. This means going to the bank or other lender and getting a certificate of approval from them guaranteeing that they will, for the next 90 days or so, create a mortgage for you in a certain sum of funds. This way both you and vendor know you can finance the purchase and your offer will be taken more seriously

4. Have a reasonable sized deposit ready. The larger your deposit the more serious you look.

5. Be prepared to be flexible on closing dates as this might make an offer that is not as as high as others look more attractive to some vendors.

6. When making an offer set the reply time so as to give the vendor time to consider and reply without leaving the door open to other offers.

7. Keep subjects to a minimum – however in PEI if you are a non-resident and IRAC approval is necessary, ensure that you add “subject to IRAC approval”.

Having a PEI real estate agent handle your offer to purchase will help to ensure a smooth process and qualified, knowledgeable help should there be ‘bumps on the road’.

R. Parker works with PEI realtors to promote relocation to Prince Edward Island and provides information on entering the PEI real estate market. PEI real estate is represents some of the best values in Canadian property.

Article Source:http://www.articlesbase.com/real-estate-articles/7-tips-to-help-you-buy-real-estate-on-pei-1360170.html

Americans love games. Maybe it’s a cultural thing, and of course the passion for games isn’t limited to this country. From the beautiful simplicity of tic-tac-toe to board games like checkers and Monopoly, card games and on up to the sophisticated gaming systems like Xbox and Wii, the quest for entertainment has been a constant.

Grand Theft Auto rolled into stardom with its high-tech portrayal of a futuristic city that mimicked New York, called Liberty City. Names ranging from The Statue of Happiness, GetaLife Building and Rotterdam Tower are obvious tips of the hat to the Big Apple. But Grand Theft Auto is a bit darker and more violent than many gamers prefer and for many the search for a virtual world with nearly infinite possibilities and less crime has lead to Second Life, or SL.

Now with the current near historic real estate and housing market slump, it’s only natural that Second Life, arguably one of the most popular virtually reality games, might be even more appealing to new gamers tired of the gloom and doom of real life real estate.

Second Life started up in 2003 and is owned by Linden Lab. The whole premise of the game is based on virtual real estate, and just like in real life, money can be made by it. That’s real money, converted from the Linden Dollar currency used in the game. If you want to really enjoy the possibilities offered and have some serious fun in Second Life, you have to own land to do it. In reality players are leasing the virtual land, they don’t really own it, but the premise is the same.

A player wants a small parcel of land pays a fee every month, similar to rent. As you move up in land ownership, you pay more per month. The more land you own, the more you can do in Second Life. It’s the ultimate in real estate speculation without the risk. You have to be premium member of Second Life to own land, and the more land you own the higher your monthly fee is to Linden Lab. Players can own small parcels without paying any more than the basic monthly fee or you can opt for your own island. Linden auctions off parcels of land or you can buy and sell with other residents of Second Life.

There have been undocumented cases of residents generating a secondary income or even making their living off of real estate deals in Second Life. Reselling virtual land or renting out parcels can generate a monthly income, as strange as it may seem. If you think about it, besides the monetary aspect, it could become very addictive to some players. You would have all of the excitement of real estate deals, speculation and potential profit or loss without the headaches of insurance, mortgages or taxes. That has to be a major draw for some residents of the virtual game.

The value of land in Second Life can be increased much the same way as in real life. Residents can improve the land by building houses, adding businesses or even landscaping the property. A resident of SL could purchase enough land to develop projects as big as these luxury condos in Chicago http://www.chicagocondodirectory.com/luxury-condos and rent or sell the units for an income.

By the same token, Linden reserves the right to add more land to the game under the Acts of Linden, which can suddenly decrease the value of land by increasing the supply, should the market get out of hand.

There also used to be a First Land program to entice new players. You could join with a premium account and get a small parcel of land without having to pay a monthly fee. This practice was shut down in early 2007, however. And just like in real life, there are abandoned parcels of land that are thrown back into the rotation and come up for auction.

There are also other factors at play in Second Life that mimic real life, such as obnoxious neighbors. Some residents have been accused of creating offensive parcels of land in an effort to lower the value of neighboring parcels and force sales. To try and limit disputes, Linden started allowing covenants in 2007. A covenant basically allows anyone owning a region of land (which is supposed to hold up to 100 residents) to set rules that have to be followed or else loss of land will occur. This keeps residents who rent or own within that region from defacing property.

Of course with any type of land rush, you’ll find real estate agents and Coldwell Banker was the first company to jump on the Second Life bandwagon. The company set up shop in the virtual world in 2007 and purchased a large amount of land tracts on the mainland of SL. Its plan was to divide up the land into 520 units, with half being for sale residential homes and the other half as rental property. Coldwell planned to market the homes(which buyers won’t be able to customize or change) well below the going rate on SL and also offer everything from helicopter tours to information on real life condos, houses and property.

Coldwell Banker was not only the first large real estate company to join SL, it was the first to actually put a real life property up for sale on Second Life. Complete with a three dimensional replica of a $3.1 million estate located on Mercer Island, Washington.

With the popularity of virtual home tours and the power of the Internet growing, coupled with the housing market slump of 2008, Second Life may become an escape and even an investment for more people.

Kelly Brandon keeps you updated on Chicago condo developments, home improvement tips and real estate advice on the Chicago Condo Directory.Article Source:http://www.articlesbase.com/real-estate-articles/real-estate-in-second-life-1297812.html