Posted by Tyler on May 05, 1999 at 01:41:11:
My post said:
“My broker got the idea from the lender who will be funding the loan with private investor money.”
The lending institution is loaning the money of a private investor. The “lender” is a different person than is actually funding the deal. I’m assuming it is the investor who will not allow the cash to be pulled out in the loan on this program he is funding.
The lender who has access to the funds, suggested this to my broker, and my broker to me. In reality, the lender is a middle man here, as well.
I’ll tell you one thing…if this whole “lien” thing is illegal, I won’t touch it. My broker is an extrememly ethical man, and I would not expect him to suggest anything crooked. One small deal like this is peanuts compared to what he’ll get out of me long term. No reason to weasel around.