Rich folks with money to play with
February 23rd, 2010
February 23rd, 2010
Sometimes, many people just wish someone would come along with tons of money to give away. Wouldn't this be a wonderful thing when you just can't seem to get ahead? You just can't seem to become part of the American Dream - owning your own home!
Well, Gordon Albrecht of FCI Lender Services might have the answer in "private money." And so we all ask, "Where do I sign up?" To everyone's dismay, Albrecht and other participants won't divulge who is fronting the money.
"It's private money for hard-situation loans," he says. These undisclosed investors are movie stars, entertainers, professional athletes, successful businessmen who have from $1 million to $20 million to play with. The privacy is understandable, considering the mayhem that could occur.
So what brought private lending to fruition? The primary reason is that the subprime lenders are gone. The credit crunch is still here. These loans are used mainly for a quick-fix solution, those that don't fall within the guidelines of "regular" mortgages. For example, someone who was recently divorced and a few months behind on the mortgage would be a good candidate. These are called "situational loans."
One company, Integr8tive, is offering these privately-funded, star-backed loans. They will extend credit to individuals with Debt to Equity ratios as high as 60%. That sounds great, but they also must have at least 20% down a minimum 700 FICO score. Obviously not easy requirements to meet - but wouldn't it be great to know that one of your favorite professional football players just might be investing in you?
If you don't meet the criteria above, contact Grandview Lending. We will treat you like a star!
We provide our clients with exceptional service and integrity which has become our hallmark.