POF Issue

[Craig Whitehead]

My partner and I have an opportunity to attract funding in the range of $10M from a foreign investor if we are able to provide a POF letter for 10% of the amount that they are willing to put up. We don't have $100K or a bank letter that we can proof with.

Any suggestions? Thanks in advance.....thanks Bigger Pockets.

[Bevla Reeves]

...partner with someone who does have the funds.

[Jimmy Klein]

First of all, basic math, 10% of $10M isn't $100K, its $1 million. Your question answers itself, you have an investor that wants to fund you, but you need 10%, which you don't have to begin with...

[Ash Patel]

Is the foreign investor a Nigerian who recently won the lottery? 

[Craig Whitehead]

Originally posted by @Jimmy Klein:

First of all, basic math, 10% of $10M isn't $100K, its $1 million. Your question answers itself, you have an investor that wants to fund you, but you need 10%, which you don't have to begin with...

 Its not a basic math problem.....its a simple I didn't read what I wrote before I submitted problem. But thanks for your input.

[Craig Whitehead]

Originally posted by @Ash Patel:

Is the foreign investor a Nigerian who recently won the lottery? 

 No, European investor. But my problem has been solved to my satisfaction. Thanks!

[Jay Hinrichs]

@Craig Whitehead  Caution  Caution Caution...   there is a ton of this going around these days and actually its a very old play.

these guys will hit you with little cash calls  1k for this 5k for a bond etc etc. and never fund..

So be cautious.. if you cannot borrow this kind of money from a US establishment there is zero chance anyone over seas who is legit is going to do it for you...

[Craig Whitehead]

Thanks Jay. This came to us from our partner in Italy so we were fairly comfortable initially. But as we looked further, the POF piece, as difficult as that was going to be, was just the tip of the iceberg. So even if we had been able to overcome the POF piece, there were other aspects of the proposition wouldn't have worked for us. But thanks for the "Caution Caution Caution".

I am enjoying TurnKey Reviews and I just downloaded your e-book.....look forward to reading it. Thanks again.