Posted by Fred (ME) on December 24, 1998 at 10:45:48:
Not that I am an attorney, but it would seem to me this would be at best unethical and at worst illegal. If you are planning on dealing with this banker in the future, you would be best served to be above board with him/her. Never know when things will come back to haunt you, so why be dishonest and use this method of handling your problem?
Fred
I NEED A TENANT! - Posted by Rich
Posted by Rich on December 23, 1998 at 21:48:07:
The latest in my dealings with the bank is as follows:
They will loan me the money to do the renovation on the 10k property, if I find a tenant who will be willing to wait until it is ready to move into, but sign a lease now. Anyone ever heard of such an arrangement?
Re: I NEED A TENANT! - Posted by Jennifer(NH)
Posted by Jennifer(NH) on December 24, 1998 at 07:31:13:
All you need is a friend or family member with a different name to sign a lease. This should satisfy the banks immediate concern. While you renovate the property you start looking for a real tenant.
Re: I NEED A TENANT! - Posted by Jim Rayner
Posted by Jim Rayner on December 23, 1998 at 22:01:30:
Rich ,
This is not an unusual request on property to be held for rental. I have been asked for leases several times prior to lender committment. email me if you want more info