They claim once the paperwork is completed and the approved loan funds are moved into the lawyer's escrow account, for every drawl I make there will be a revised sub contract declaring my monthly interests payment based on the amount drawn and not the total amount approved. 

After multiple attempts to stabilize my operations, I was compelled to file for Chapter 11 bankruptcy.

This was due to finance arbitrage like many retail bankruptcies, They were selling furniture/TV/appliances for 2 decades financed at 3-4% and borrowing at 2-3%, now their billions in floating rate notes are at 7-8% but only getting the fixed 3-4% for the washing machines etc They lost 77 mil last year and rising fast so had to Chapter 11 to stop the bleeding.Next 1-2 years will be very interesting in markets/CRE etc.

@Ryan Knoetze As far as I know, these are the areas (in red) https://cdn2-img.pressreader.c...I just read some news saying they are now allowing new AL licenses BUT only for 5 years, after that they will re-evaluate them and decide wether you can keep them or not.Also, regarding taxes, if you apply for an AL license you should declare your rental income under category B, this type of activity receives a special treatment under the IRS and tax is calculated on sales, in other words you are only taxable on 15% or 35% of your invoiced income, depending on the way your business is structured.Capital gains are not charged if the property is more than 30 years and you refurbished it or if it is located on an urban rehabilitation zone.

As far as Lance Kawaoka's claim that the reason there wasn't much response to a post about checking on the quality of a large, well-known, super-markety sponsor is that members wouldn't want to declare that they are a high net worth individual just doesn't hold water.

I have invested a large sum of money with a company (individual with LLC) who has filed chapter 11 bankruptcy.

Santarelli allegedly purchased from a government auction from the bankruptcy trustee and relaunched online.

While you are renovating, a squatter can break in and declare its theirs and could take you a year to get them out.

A bankruptcy, missed payment, judgement against the seller that attaches to the property etc. causes a big problem for them both, not just the seller like with sub to.

Bankruptcy due to poor money management is indicative of a behavioral issue that does not change over time.