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  • Sounds like a plan!

    Rene

    As much as investors like to make fun of Brokers and complain about the process, one must remember a couple of things.

    A Listing Broker (in most cases,) has a fiduciary responsibility to the seller. In some cases, they could be a Dual Agent. So vetting a buyer is part of the process. The information you are asking for is not public knowledge and doesn’t have to be disclosed.

    For properties of that size, the information will come from the Schedule E of the Seller’s Tax Return. Income is likely under-reported and expenses high, so it likely wouldn’t be of much use to you. If it is owner financing through a Broker in this market in the city, I would look hard at the reason’s why. There is very little inventory and interest rates are low, so almost anything fairly priced would be moving without owner financing.

    Investors also need to understand that the Broker is not paid to provide information and answer every question that may come up just because there is an interested buyer. They also need to make sure they are speaking with someone who is qualified and not wasting their time. If there is owner financing on the table, and one does not have the money, then the Broker is being smart. There are so many tire kickers and people who just got out of a seminar that are quite happy to waste the Broker’s time.

    Also in NY (City) especially, 99.9% of the contracts are going to go through attorneys the deal. (Another hoop and another layer of people with time – though they might get paid for an unqualified deal.

    I am a Broker here also, so maybe I am seeing from the Broker’s side. If you cannot get a POF letter in the first place, maybe your Private Lenders don’t have the money or are unwilling to lend in the first place. Or conversely, maybe it is just over-priced and they can’t justify the higher price without owner financing.

    Rene

    Billy-Jo-

    I can see that you are frustrated with the situation. There’s really not enough info to determine the viability of your project getting some good financing. I’m kind of surprised that the construction lender got into the deal without the takeout loan in place. As I am reading it, I am seeing that you have a park that is nearing completion but does not have any financial performance for a permanent lender to hang it’s hat on. So maybe they are treating it almost like vacant land.

    If you’d like some help with trying to sort this out, please feel free to e-mail me at rfperrin@gmail.com with your contact info.

    Rene Perrin

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