Troubled Local Banks are Desperate for Cash
Ok, you are an investor and you may be calling on local banks to see what they have in their portfolio that may interest you. You are fishing for distressed properties from the most distressed sellers in town.
It’s completely natural to think to yourself…”Gee, they are a bank, so they will be happy to finance my purchase.” Good thought. Frankly, however, many of these banks are under such severe threats and criticism from the regulators that they are not ALLOWED to make a single loan. That’s right. NO LOANS.
Remember, these crazy regulators all take their orders from “Two Face” Ben Bernanke and “I pay my taxes when I feel like it” Tim Geithner. They control the regulatory wolves. So, they go to Congress and wring their hands about the economy and how they are doing everything they can to encourage economic growth, but in the evening they torture bankers and bank investors in their own special chamber of financial horrors – a government regulator can shut down the bank on a whim, instantly vaporizing the equity in the bank. Bankers, therefore, are not lending because they are scared for their financial lives. They don’t want to lose their bank and their investment.
Pity the bankers.
Here’s an alternative negotiation approach for buying properties from the banks. Cold hard cash. With CASH, you are showing pity to the bankers, you will be delivering exactly what the bank is seeking – CASH without additional loans on the books for arbitrary regulators to lampoon and castigate. That’s right, we have all heard it before: Cash Talks and B---S--- walks.
Can’t pay cash?
That’s fine, you don’t need a bank to lend you the money.
Visit your local private lender. Private Lenders, like us – Abbey Mortgage & Investments, Inc. www.nonbankloans.com are pleased to provide short-term and mini-perm loans to investors picking up troubled bank assets for a good price – or even a great price!
So, you can negotiate aggressively with the bank to get the bottom dollar price that doesn’t require them to lend any money. We will work with you to structure a deal – Good down payment from you, loan terms out to 5 years from us, if you need it, and typically an interest-only loan that will allow you to acquire the property, make the changes and improvements you know will enhance its value through leasing, improvements, etc. And, you got a great deal.
To paraphrase the smarmy diamond retailer, “You DO have a friend in the lending business!”
Give me, Robert, a call anytime, I am happy to talk about your deal and see if we can help you. (970) 532-4243 or you can call my Cell (303) 902-9100.
Have a great weekend!
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