Matthew Hayes Lending Deal

 

Matthew Hayes Lending Deal

Clean Slate Properties LLC in Grand Rapids, MI
Matthew Hayes with Tina Hayes

rnThis Private money loan to Viva Property Investments LLC, a company owned by another FortuneBuilders student, for the acquisition and residential redevelopment of the property located on Rena St SW in Grand Rapids, MI. In this case, CSP used funds from one of its investors to lend to VPI. CSP paid the investor 9% on the loan and charged VPI 11%, essentially netting 2% on the capital loaned. The note between its investor and CSP is unsecured, while the note between CSP and VPI is secured by a mortgage. This model has been successfully and used multiple times. CSP has improved its process and we spend less than 4 hours vetting the deal for our investor, drafting up the promissory notes and mortgage, completing monthly reports, and closing out the notes and discharging the mortgage. VPI completed the rehab and sold the property in less than 3 months, so this was not a huge moneymaker in terms of total dollars returned, but it represented a new approach to PML for Clean Slate Properties.rn

Lending Details


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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

FortuneBuilders teaches the importance of using other people's money (OPM) and not being afraid of leverage. We took those principles and found a way to use OPM to help a fellow student use OPM to leverage their deal for maximum cash on cash return. We would NEVER have thought of this without FB training.