Posted by Ed Garcia on July 11, 2003 at 11:52:51:
n/t
THANKS ED- closed w/ $700k OWC today… - Posted by Chicago Katrina
Posted by Chicago Katrina on July 10, 2003 at 17:16:28:
Hey Ed Garcia,
I never like to really celebrate until a proj is finished…but I just had a closing today for a project I spoke with you (at a length of about an hour-thank you!) about a few months ago. I don’t want to publish the specifics b/c in political Chicago, the sharks are ALWAYS circling, but it was a big, historic, mixed-use, vacant deal. My point:
You had advised to try to get the seller to carry back some financing, which I wasn’t sure would be possible. WELL I bounced it around a bit and the seller took back $700k on a purchase price of $1.1m. All collateralized w/ other property or signature only…and all investors’ cash. A real “no money down” deal (for me anyway…)
I’ll keep you and the board appriased of the progress…
BUT many thanks for your advice! It was really nice of you to spend so much time with me on the phone walking me through it! (I was waiting for something to report back to you, and now I have it!)
Now the fun part-the construction loan…
Happy investing all!
Chicago Katrina