Financing In Legal Entity.....
Here is my concern........
I currently own residential property in my personal name. A few local attorneys have been suggesting using a LLC or S-Corp to hold title in, which would protect my personal assets.
This sounds fine and dandy....BUT................
What does it matter when I do NOT OWN anything but investment property? If a judgement were made, then all that would be liable would be just the assets in my name, that include ONLY investment property. For instance.... my day job gives me the benefit of a company car. I currently rent, not own. I also own nothing else other than investment property.
AND.......
Even if it gives me asset protection, don't I still have to cosign the note made in the company name. Therefore, my personal credit is STILL at risk!!
Am I thinking logically here? I am looking at some larger development deals right now and these of course would be through an LLC or S-Corp, but I still would have the liability of a cosign. Correct??
Thanks in advance!!
Once the credit can be reviewed on the payor, along with a copy of the signed debt instrument (note or contract) to see the languaging involved, and some other basic info, it should take about 1-3 business days to get a decision.
If there is a purchase offer issued, it normally takes 2 weeks-3 weeks, but sometimes can go 4 or more depending on third parties involved like attorneys closing the transaction, getting a BPO or appraisal done etc. (certifications of value are normally taken care of by the buyer, but it depends on the deal)
Hope this helps you, best, Dave
This sounds to me like you dealt with an amateur from the America's Note Network, or some other person who was telling you that they buy notes, when in fact, they do not use their own money, and they waste your time and energy.
Now you are frustrated, but if you want a pair of professional eyes to review your file and be up front with you, let me know, I leave it up to you. Thanks, Dave
To further clarify, it sounds like you dealt with a broker (which is fine) that had no idea what they were doing (which is not ok)
jandlexcel, just because you only usually take 2 to 3 weeks to close, does not mean every file closes that quickly, let's be honest here.
There are third parties involved, and no one has control over the speed and response of these entities, nor can the note seller be controlled
I think we can all agree that it is not normal for a note sale to take FOUR MONTHS
Although we have no idea what this note looks like, so we really don't know the full story