Private Hard Money Lender in California, Texas and Arizona: September 2015

Featured Post

The Big Show is Coming to Town.

Don’t do it…it’s a big mistake flipping homes can cost you a lot of money . Every week the house flipping circus comes to town and adve...

Wednesday, September 30, 2015

Important information about Timeshare Scams - Beware!

Timeshare Scams - Let Me Count The Ways. . .

If we were to count the ways that the timeshare resorts are training and retraining their salespeople to scam you, that would take too long because the ways goes on and on.

Now of course they don’t think its scamming, they’re just trying to take your “No” and turn it into a “Yes”.

If they have to take a 90 minute presentation and turn it into a 6 or 7 hour presentation so be it!

You see, the resort pays a lot of money to have people like you come through their doors.

Those people on the streets and in the malls that initially called you over to their booth get paid some pretty good money to book your tour and to have you show up at the presentation.

No Shows

If you don’t show up, they call that “No Shows” and if the people in the booths get too many of them, it could cost them their jobs.

So they need to tell you anything they have to have you show up at the appointed time that you scheduled with them.

I read once that people were being promised a new boat. (Now who wouldn’t show up for that?) After the presentation, the new boat that was promised, ended up being a new toy boat! Now in all honesty it was probable a very nice toy boat.

But I’m sure the turnover in the gifting department was like a revolving door because the poor employees that had to give over a toy boat most likely got an ear full on an hourly basis.

Anyway you get the picture. You know the old saying, “If it sounds too good to be true… it probable is.”

But the timeshare industry lives and I hate to say thrives on the rule that there is a sucker born every minute.

And if you could hear the timeshare scams stories that I hear, you would probable believe that yourself.

Now it’s not just the people that you might think that maybe a gullible, because this group includes, doctors, lawyers and Indian chiefs.

How About You

But let’s talk about you, so you went ahead and took to plunge. You took the timeshare salespeople at their word and all the promises they gave you.
You took the hook, line and sinker. You signed on the dotted line and now you’re the proud new owner of a timeshare.

You may even use it a time or two. But now it’s not really turning out exactly like you were told that it would at the time you purchased the timeshare.
They did tell you that they were building new units so just because you had a difficult time booking your vacation, you were still able to do it.

And just because the swimming pool was so crowded that you were only able to soak your big toe, they did say they were going to build two more swimming pools, the construction just hasn’t started yet. It will all be done by the time you come back next year.

But it’s not. Now you’re getting a little ticked, okay a lot ticked!

Your Timeshare Contract

You get out your timeshare contract. You’re sure all this stuff would be covered in the contract. The nice salespeople told you it would be... You know they wouldn’t lie to you.

Of course you didn’t have time to read the contract. They told you at the time you signed it that you didn’t have to. It was just a standard timeshare contract. And you took them at their word.

Oh boy. There’s trouble!
Now you learn that the internet is full timeshare resale scams.

How To Cancel Your Time Share

It’s at this point that many people began to think about how to cancel a timeshare purchase and they learn it’s NOT easy to get a timeshare cancellation.

Many people that have been a part of one of those timeshare scams send a timeshare cancellation letter. But they learn this is no help.

The biggest question for many timeshare owners is how do I cancel my timeshare? I’ll tell you more about that in a minute.

Now Back To You

You have decided that you want to get out of the timeshare contract.
So, you call the timeshare company because you want to know how to do a timeshare cancellation. You tell the timeshare company that you have been a part of a timeshare scam.

The timeshare resort tells you, “Sorry. You have signed a legal binding contract and there is no way for you to get out of it.”

But you say, “Yes, but what they told me was, they were going to be more building at the resort and that hasn’t come to pass.” This is a timeshare scam!

The customer service person asks, “Is all that in the timeshare contract?”
“No, but I know they told me that. My wife was right there with me and she heard it too.”

“BUT is it in the contract?”

“No… but…”

“I’m sorry there is nothing I can do. It is a legal contract. Enjoy your timeshare. Have a nice day. Goodbye.”

And now, you feel like you have no recourse.

Good News For Timeshare Cancellation

But WAIT . . . I’m here to tell you some good news about wanting a timeshare cancellation.

You are stuck with that timeshare contract only if you want to be.
What the timeshare resort has done to you can be UNDONE.

I know that there are so many people out there that need to hear that. There are so many people filled with anger, fear and hopelessness.
Take back your sleepless nights and know that there are ways that you can take action against the timeshare scams.

The good news is, your timeshare contract can be canceled. Yes a cancel timeshare can be a reality.

We have valuable FREE information that will help you discover how to cancel timeshare contract – yes, you can permanently cancel your timeshare payments, all maintenance fees and your entire timeshare contract.


If you own a timeshare and would like know how to cancel a timeshare, to learn more about a timeshare cancellation see our frequently asked questions at: www.timesharecancelcenter.com/faq  or call us at Call 24/7: 1-855-600-9053


Tuesday, September 29, 2015

Bridge Loan for Owner Occupied Home - How does it work?

HOW DOES A BRIDGE LOAN WORK

Bridge Loans are Asset-based loans (ABLs). These loans are revolving lines of credit or term loans that are secured by the borrower’s assets such as a real estate.

How much credit a borrower can access is primarily determined by the quality and value of the collateral, which can range from accounts receivables and inventory to equipment and real estate.

For a real estate a bridge loan transactions is to finance the initial construction of a dwelling with a terms of twelve months or less, such as a loan to purchase a new home where the consumer plans to sell a current dwelling within twelve months.

Reasons to take a Bridge Loan:
  •   Move before you sell your current home
  •   A better alternative than obtaining an equity partner
  •   Bridge the gap, while waiting on conventional financing
  •   Down payment to begin a build-out project
  •   Acts as a line of credit with access to 5 loan drafts over 120 days
  •   Equipment purchasing
  •   Cash flow stabilization
  •   Working capital
  •   Acquisition
  •   Turnaround financing
  •   Capital expenditures
  •   Debtor-in-possession (DIP) financing
  •   Growth
  •   Recapitalization
  •   Refinancing/restructuring
  •   Buyout
  •   Leveraged employee stock ownership plan (ESOP)
Benefits of Bridge Loan:

  •    Fast and convenient
  •   Saves money
  •   Flexible
  •   Keeps you in control of your business
CFPB Renewal Temporary or “Bridge Loan” 
12 CFR Part 1026 (Regulation Z)
§1026.43 Minimum standards for transactions secured by a dwelling.

Under § 1026.43(a)(3)(ii), a temporary or “bridge” loan with a term of 12 months or less
is exempt from § 1026.43(c) through (f)    (known as the seven gate of hell)

What are the sections of CFPB?

§1026.43(a) Scope
§1026.43(b) Definitions and under this section you find this information:
§1026.43(a)(3)(ii)  exempt for bridge loan the following sections

§1026.43(c) Repayment ability
§1026.43(d) Refinancing of non-standard mortgages
§1026.43(e) Qualified mortgages
§1026.43(f) Balloon-payment qualified mortgages made by certain creditors

The following sections still apply to bridge loans:
§1026.43(g) Prepayment penalties
§1026.43(g) Evasion; open-end credit.

What is the definition of a “Bridge Loan”?
It is a temporary or “bridge” loan with a term of 12 months or less, they are:


  such as a loan to finance the purchase of a new dwelling where the consumer plans to sell a current dwelling within 12 months or a loan to finance the initial construction of a dwelling;

  a loan to finance the purchase of a new dwelling where the consumer plans to sell a current dwelling within 12 months and a loan to finance the initial construction of a dwelling.

  1026.35(c)(2)(v) A loan with a maturity of 12 months or less, if the purpose of the loan is a “bridge” loan connected with the acquisition of a dwelling intended to become the consumer's principal dwelling.

  1026.32(d)(1)(ii)(B) A loan with maturity of 12 months or less, if the purpose of the loan is a “bridge” loan connected with the acquisition or construction of a dwelling intended to become the consumer's principal dwelling; or

  1026.35(b)(2)(i)(C)A temporary or bridge loan with a loan term of twelve months or less, such as a loan to purchase a new dwelling where the consumer plans to sell a current dwelling within twelve months; or

  1026.43(a)(3)(ii)A temporary or “bridge” loan with a term of 12 months or less, such as a loan to finance the purchase of a new dwelling where the consumer plans to sell a current dwelling within 12 months or a loan to finance the initial construction of a dwelling;

Things to consider when doing a bridge loan.

A creditor must determine in each case if the transaction is primarily for an exempt purpose. If some question exists as to the primary purpose for a credit extension, the creditor is, of course, free to make the disclosures, and the fact that disclosures are made under such circumstances is not controlling on the question of whether the transaction was exempt.

FACTORS. In determining whether credit to finance an acquisition—such as securities, antiques, or art—is primarily for business or commercial purposes (as opposed to a consumer purpose), the following factors should be considered:

GENERAL.
1.The relationship of the borrower's primary occupation to the acquisition. The more closely related, the more likely it is to be business purpose.

2.The degree to which the borrower will personally manage the acquisition. The more personal involvement there is, the more likely it is to be business purpose.

3.The ratio of income from the acquisition to the total income of the borrower. The higher the ratio, the more likely it is to be business purpose.

4.The size of the transaction. The larger the transaction, the more likely it is to be business purpose.

5.The borrower's statement of purpose for the loan.


Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Arizona Tel:  (623) 582-4444
Texas Tel:     (512) 516-1177
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027
   
 Equal Housing Opportunity. *APR varies from 9.6 – 12.5% **Contingent on valuation and site inspection. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. This is not a Good Faith Estimate (GFE) and should not be considered as such. Costs, rates and terms can only be determined after completion of a full application. Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Products are available in Arizona only. To get more accurate and personalized results, please call (623) 582-4444 to talk to one of our licensed mortgage experts. Terms and conditions of this and all loan programs are subject to change without notice. Level 4 Funding LLC is licensed in the State of Arizona, NMLS 1018071 AZMB 0923961.

 You TubeFace Book  Active Rain  Linked In