All Forum Posts by: Donald Banks

That lender was Principals Capital Funding, not Lending...

Thanks,

Wow, 

I sat through the entire presentation. And I must say that I was fairly impressed with the ability of the "so called apps" to streamline the core areas of my business. Those being; finding solid off market deals, and getting those deals out in front of interested investors who buy (wholesale), or real private lenders who are actually lending money (flips). 

I've always been told you must be willing to invest in your business if you want to be successful. There is a lot of back and forth on wither this is a solid investment or not. At the first, I saw value in it's promise and purpose, but now I'm kinda on the fence as to it's value in the actual use of it.

Everyone I told about it asked about the charge for the BPO, because that was a big part for me. 

I had to respond that I initially thought it was included in the cost, because they made it seem as though the person doing it was somehow affiliated with Ci, and did it as a means of generating leads on potential business. I suspected that maybe there was limit on how many you could get per/month or year etc. before a charge would kick in.

Although I really wasn't sure. I think it's a little more than suspect that it wasn't covered in the presentation more thoroughly. Makes one wonder if there are other undisclosed costs associated with the program.

Either way, I really appreciate you guys here on BP for the varying viewpoints and opinions you express. They really helped to give me a clearer picture of the service, and dissipated that sales pitch afterglow so I can really see what they're trying to sell me.

For now, I think I'll just keep cave-manning my way through. Speaking of doing things the old fashioned way, has anyone done business with Principle Capital Lenders before, and if so, how did it go?

Thanks, 

Hi Jorge,

There's really not much more to say than what's in the posting. If you have a deal you want to get funded, then click on one of the links and submit the required info. We'll take it from there.

Don

Firm without a track record. It's still a good deal if it'll get your first or third deal done. Consider it incentive to stay on track and on time.

Hello BP Community,

Please answer these 3 questions to see if this is the right funding alternative for you:

Are you new to investing and don't have a long track record of successful flips?

Do you have solid deals but no access to quick cash?

Are you ready to hit the ground running if you find the right funding partner?

If you answered yes to any of these questions, then I can help you get your feet wet on your first deal, or assist you in growing your business with your next deal.

Now, I know If you've done 5 or more successful flips you can probably find better terms than what we offer. So you may not consider this program to be your best alternative, and that's OK.

However, if you're new or fairly new to REI, then stop beating your head against the wall looking for funding, and don't let a good deal get away while you're trying to get terms, or raise funds that are simply out of your reach.

With this program, as with others, the more deals you do the better rates you earn. If you have a solid deal in play in the greater Chicagoland area, or south and central Florida, then don't lose valuable time and money bouncing from one turn down to another. Or trying to get cousin Bob to loan you that 10% down payment.

I can help you finance your deal with the following terms;

100% acquisition and 100% rehab cost

Points and closing cost rolled into the loan

Short term loan ( 6 months ).

There are no upfront application fees, you risk nothing by applying.

Close in as little as 14-21 days depending on title search

And more importantly, a yes or no based on the deal, not your personal credit within 5 business days, not 3 weeks.

Our in-house attorney will handle the closing and contract negotiations for you.

That being said, we don't charge application fees because we want you to have no barriers to making that first offer. Do your due diligence, negotiate the best deal you can. Don't blow your yet-to-be established credibility by submitting a weak deal.

We have two programs available;

1.70% LTV based on ARV, 5 points 18%, no monthly interest payments, flips only*

2.70% LTV based on ARV, 4 points 12%, monthly interest payments, flips only*

*We will consider commercial property (multi-family) with a history of at least one successful commercial flip and strong comps.

Please visit my website at ascension.artisteer.netto submit proposals with contracts, **documented rehab estimates, comps, pictures, andARV. We will not consider hypothetical scenarios, real deals in place only.

Or you can go directly to my application page by clicking on this link- Easy Application Page

I look forward to hearing from you, good luck and good hunting.

Don Banks pres.

Ascension CPI

**Documented contractor estimates for first 2 deals 

Hello BP Community,

Please answer these 3 questions to see if this is the right funding alternative for you:

Are you new to investing and don't have a long track record of successful flips?

Do you have solid deals but no access to quick cash?

Are you ready to hit the ground running if you find the right funding partner?

If you answered yes to any of these questions, then I can help you get your feet wet on your first deal, or assist you in growing your businesswith your next deal.

Now, I know If you've done 5 or more successful flips you can probably find better terms than what we offer. So you may not consider this program to be your best alternative, and that's OK.

However, if you're fairly new to REI, then stop beating your head against the wall looking for funding, and don't let a good deal get away while you're trying to get terms, or raise funds that are simply out of your reach.

With this program, as with others, the more deals you do the better rates you earn. If you have a solid deal in play in the greater Chicagoland area, or south and centraL Florida, then don't lose valuable time and moneybouncing from one turn downto another. Or trying to get cousin Bob to loan you that 10% down payment.

I can help you finance your deal with the following terms;

100% acquisition and 100% rehab cost

Points and closing cost rolled into the loan

Short term loan ( 6 months ).

There are no upfront application fees,you risk nothing by applying.

Close in as little as 14-21 days depending on title search

And more importantly, a yes or no based on the deal, not your personal credit within 5 business days, not 3 weeks.

Our in-house attorney will handle the closing and contract negotiations for you.

That being said, we don't charge application fees because we want you to have no barriers to making that first offer. Do your due diligence, negotiate the best deal you can. Don't blow your yet to be established credibility by submitting a weak deal.

We have two programs available;

1.70% LTV based on ARV, 5 points 18%, no monthly interest payments, flips only*

2.70% LTV based on ARV, 4 points 12%, monthly interest payments, flips only*

*We will consider commercial property (multi-family) with a history of at least one successful commercial flip and strong comps.

Please visit my website at ascension.artisteer.net to submit proposals with contracts, **documented rehab estimates, comps, pictures, and ARV. We will not consider hypothetical scenarios, real deals in place only.

Or you can go directly to my application page by clicking on this link- Easy  Application Page

I look forward to hearing from you, good luck and good hunting.

Don Banks pres.

Ascension CPI

**Documented contractor estimates for first 2 deals 

Hi Duriel,

At this time we are not doing any personal lending, only entity. Here is a link to my firms website Ascension CPI. There is no information about this lender on my site as yet. I have done 3 deals with him and the service is phenomenal. 

The loan process is streamlined and he can close quickly, as a fellow investor you know how important it is to not wait 3 weeks before you know if you can close or not.

I've positioned myself as a broker for him for those very reasons. They lend on the value of the deal, not personal credit history. I couldn't have gotten funded anywhere else when I started out.

I don't have any docs per se because I haven't developed them yet. Also I want to maintain my position as a primary broker for this lender. He pays me for the deals I bring to him. He is a private investor not a corporate entity.

So to prevent any end runs by people trying to get direct access, I must limit his exposure. 

Our requirements are that you operate in the listed areas, and that you have a solid deal in place under contract. Of course we will do our own comps and research, however if our findings match yours, that's goes a long way toward building your credibility with him.

We need a short bio of your experience/goals. We want to know who you are. If you intend to refinance as an exit strategy rather than flip, then your ability to qualify for a bank loan becomes an issue. So some credit history would be appropriate (credit score) of everyone the bank would require.

It won't be used to determine your loan approval, only to assess the viability of your exit strategy. Remember, this is a short term loan for 6 months, some banks require more seasoning than that to refi.

Also, we need a comprehensive proposal package. As a broker for this lender, I have to vet all deals before I submit them. The more information I have, the quicker I can perform my due diligence and move your deal along.

_________________________________________________________________________________________

EXAMPLE: Please don't comp a rehabbed 1,800 sf. 4/2.5 brick split level built in 1995 to get the ARV of a 1,450 sf. 3/1.5 frame ranch built in 1960 just because they're on the same block. I don't want to have to call you and debate comps, imagine having that conversation with 10 rehabbers in a week. Our ARV will be conservative and so should yours.

__________________________________________________________________________________________

Also, we need your incorporation docs, a copy of contract first and last pages,*at least 3 strong comps less than 4 months old - within a mile, projected ARV, documented rehab estimates, and actual detailed photos of property not just listing photos.

I will be sending you a non compete contract limiting your access to this lender. You will only be able to submit deals through my company, nor can you refer anyone directly to my lender, only to me.

This agreement must be signed before I agree to vet your deals for submission.

That being said, I hope we can do business together, I look forward to hearing from you.

Thanks,

*If you can't meet comp requirements, maybe the area is not hot enough to successfully flip houses

@Thomas, we're looking at $185,656 total.

$92,140 for Richton Rd.

$93,516 for Imperial Dr.

I am also looking at flipping 2-4 flats on the near southeast side of Chicago. It's a hot market for investors looking for tax write offs.

I hope we can work together on this.

Regards,

Hi Melody,

At this time those are the only areas my lender services. However, he is looking to expand in the near future.

But hey, if the deal is good enough he may attempt to partner with someone in another area to take advantage of the opportunity. So don't let geography stop you. 

As far as a minimum amount, I would say $50,000 is a good jumping off point.

Hi Gina, have you expanded to IL. yet?