All My Possessions - Including 3 Las Vegas Homes
$1,300,000 Interest Only Loan for 5 Year Term
| Start Price |
USD 1,300,000.00 |
| Current Price |
USD 1,300,000.00 |
| Time Left |
- |
| Bid Count |
0 |
| Buy It Now Price |
- |
| Reserve Price |
- |
| Start Time |
Thursday, September 25, 2008 |
| End Time |
Saturday, October 25, 2008 |
| Location |
Las Vegas, NV |
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See more about 'All My Possessions - Including 3 Las Vegas Homes'
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Description
I need a $1.3M, 5 year loan collateralized by everything I own. Terms will be annually increasing, simple interest only payments starting at 5% in year 1 and increasing by 50 basis points each year for 5 years. Interest can be paid to lender monthly, quarterly or annually. At the end of the term, total loan will be repaid in full. A partial list of collateral is as follows: Home # 1 – 3800 sq feet / 6000 + sq foot lot. 5 bedrooms / 3 bathrooms. Bonus room and 3 car garage. Fully landscaped. Located in Mountain’s Edge Community. Zip 89179 Built 2007 Home # 2 – 2785 sq feet / 8200 + sq foot lot. 4 bedrooms / 3 bathrooms. Den and 3 car garage. Completely remodeled. Fully landscaped. Located in the Lakes Community. Zip 89117 Built 1989. Pictured in listing. Home # 3 – 1585 sq feet / 5000+ sq foot lot. 4 bedrooms / 3 bathrooms. 2 car garage. Fully landscaped. Quiet cul-de-sac. Located near Tropicana and Eastern. Zip 89119. Built in 1982 2005 Dodge Grand Caravan 2004 Infiniti G35 65 Inch HD TV Various leather sofas, furniture and antiques Approximately $100,000 in qualified / non qualified investment accounts Various stereo and computer equipments Whatever else I own that lender has interest in. The purpose for the loan is to clean my credit for the duration of the loan. The funds will be used to pay off all mortgages, HELOCs, credit cards, auto loans, etc…which the lender can oversee. Between the value of the assets and existing lines of credit, the loan is 100% collateralized. During the five years I will not purchase anything on credit; however I will extend all lines of credit as much as possible to further cushion my ability to repay the loan. Also, the real-estate should appreciate, even if only slightly in the 5 year period. Currently, 2 of the homes have long term renters in them with a total monthly income of $3,000 / month. Lender will have access to my monthly credit report and bank statements to ensure that I maintain liquidity and practice fiscal responsibility. I will also put the lender as the primary beneficary to a $1,500,000 life insurance policy I currently have on my life. If I miss a payment, lender will have rights and title to all my assets, unless an extension is granted at the lender’s discretion. Honestly, there are investments out there that will give you better returns, but the real reason to make this loan is to help someone out who needs a little boost. I have made solid 6 figure income for the last few years and have the potential to increase my earnings greatly. However, I’m stifled by debt brought on by medical bills from a difficult, high risk pregnancy, dishonest business partners and the downturn in the real estate market. I can’t get ahead under the current circumstances and need to have a clean slate to rebuild my life. If interested, I will open my life in complete honesty and humility, answering any questions and entertaining any options/variations of this arrangement. More pictures and information available on request. I'm very serious about this deal. Please contact with questions.
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