Dear BP community,
I have a dilemma having to make a decision between two option from a syndicator, fellow BP member.
In 2016 I partnered in a syndication deal with fellow BP member. I invested $ 165K from IRA to buy a lot and develop it into a building. I would be a partner for the acquisition part of the project. The conditions were 17% interest a year. After a year the plan was to refinance the project, get a conventional loan and pay the investors. A year went buy and another year. Also as time went by the syndicator became more elusive and occasionally gave me timelines that never materialized. The last one was April 2018.
In April 2018, I received an email with the following document attached and a phone call from his wife, stating that in order to "refinance and get paid back" I needed to sign the document. They used the "magic" word "refinance". I wanted to help the project to refinance and get my money back, so I signed....
Guys, things are gotten worst. Supposedly, he could not refinance because an inspection was pending. He did not take my calls anymore. Finally after a lot of chasing we spoke 2 weeks ago and he said that he would make me an offer to buy me out.
The offer is as follows:
So far the amount due in interest is $ 58,296.99 to June 30, 2018. He would pay me $21,861.37.
Keeping the money would take at least 90 days or more to redeem, because on Friday I learned that: "Timeline- could be as early as 90 days to close given we are working through bank equity review requirements and working through a slip and fall who is suing the GC so working through that issue as lender needs comfort on that issue. So the 90 days is a guess and can be longer if any impacts to underwriting or the case." I never heard before of the matter until Friday, when I asked him to get back to me with a buy out offered as he had said 2 weeks prior or I would had to get legal counsel.
The question here is: Should I take his buy out offer or continue waiting, when I don't trust him anymore?
Thank you,
