All Forum Posts by: John Jacobs

@Brian Rocha  Hi Brian---I just sent to you a private message.

@Austin Tess  @John Clark  Hi Austin,  Great question---I would happy to talk to you.  I private messaged you.  John

@Luke H.

Hi Luke,  As a private money lender myself I will focus on one element of your deal---5 years is a long time to be finally paid.  I do either 12 month balloon notes or notes where I get paid monthly.  In the latter situation (where I am paid monthly), as a short term lender, I only do 12 month Promissory Notes.

@Doug Hayden

Hi Doug,  I grew up in a suburb of Chicago.  Is the building in the picture (i.e. the building in question) on Michigan Avenue?

@Nicholas L.

@Dan Grove

As a private money lender I agree with Nicholas' sentiment.

@Noelle Mastelotto

Also consider Madison, Wisconsin.  Although not classically thought of as Midwestern have you also thought of Tennessee and North Carolina?

@Beth Johnson

Beth,

Thank You

John

@Jeff S.

Jeff, 

Thank You

John

@Jeff S.

Interested in your response to my last post.

Let me clarify something--This would have been the first time I would have lent to a borrower who was living in the home (i.e. Primary or Personal Residence).  I have never done this in the past.  Although worded poorly this was the reason I posted as this would have constituted the first time and I thought there could be a problem doing so.

@Jeff S.

Thank You Jeff.

You said:  "Even lending to an LLC, which Dodd-Frank explicitly excludes, will get you hammered if the intent of your borrower is to use the property as a personal residence."

Given what you have said I will put it this way--I have never lent on a property nor would I lend on a property where that property was the Primary Residence (I am considering the phrase Primary Residence to be interchangeable with the phrase Personal Residence) of the borrower.

Adhering to that trumps all else--yes?