First investment loan default. The saga begins

[Greg Moran]

Investment Info:

Single-family residence private money loan investment in Enid.

Cash invested: $27,600

Contributors:
Matt Mesick

UPDATE: (10/02/2022): Borrower has defaulted on the loan and emailed to say they are unable to pay until the property sells. I checked the listing and it's been on the market since 12 August (50 days), with one price drop. Drawing up "notice to cure" memo with late payment fee schedule now. B-(

Belated Update: (03/07/2022) Borrower reached out asking for an extension since this project was going slower than anticipated. We agreed to a 1.5 Origination Points extension fee and 6 more months at the same interest rate.

(09/18/2021) Private money deal #5 in works with @Matt, another BP contact from late 2019. He kept messaging me with great deals throughout the pandemic, and we finally connected with one that met my lending criteria. We're talking about doing a 2nd position lean to support National Homebuyers LLC getting a lower interest Hard Money Loan (HML) for the majority of the purchase price. My capital will also fund the first construction draw.