2006-07-09 07:01:30 · 11 answers · asked by Anonymous in Business & Finance ➔ Investing
This line of credit(1,000,000.00)can only be used for real estate purchases such as rehab,multi-family,new construction,commercial properties etc.
2006-07-09 07:04:34 · update #1
Sounds like a scam to me.
2006-07-09 07:05:23 · answer #1 · answered by You'll Never Outfox the Fox 5 · 0⤊ 0⤋
Why would anyone do such a thing? Only scam artists would propose that someone pay for a line of credit. Lines of credit are calculated on ability to pay--not ability to purchase.
2006-07-09 14:06:15 · answer #2 · answered by kobacker59 6 · 0⤊ 0⤋
Why would I pay anybody anything for the ability to borrow???
Pay 50k so I have the RIGHT to borrow $1mm????
Sounds really silly.
I can fill out a mortgage app or loan app FOR FREE and obtain the right to borrow money.
Does this 50k sound like a good deal to you or something???? I believe you are not really thinking straight on this!
2006-07-09 14:25:39 · answer #3 · answered by tsbr1963 6 · 0⤊ 0⤋
Sure, people do that all the time. 5 points is a bit high for an origination fee, but it depends on your credit, what else is securing the loan, etc.
2006-07-09 19:08:48 · answer #4 · answered by Jason 3 · 0⤊ 0⤋
of course, A one time fee and no time constraints. You could literally never repay the loan. But this is not possible or real unless you a being scammed
2006-07-09 14:06:55 · answer #5 · answered by Kenneth 2 · 0⤊ 0⤋
Easy decision.....take the NPV of the $50k, obvious, and compute the FNV using various interest rates, ROR and length of investment or TOR.
2006-07-09 14:09:39 · answer #6 · answered by iraq51 7 · 0⤊ 0⤋
It sounds like a scam - Nigerian style - to me, especially if they asked you how your family is doing (trademark Nigerian 419 scam add-on). Tell whomever is trying to "sell you a line of credit" to eat $hit!
2006-07-09 14:21:50 · answer #7 · answered by Joey 3 · 0⤊ 0⤋
No free lunch in this world.. It's too gd to be true and it's too ridiculous.. Beware...!
2006-07-10 05:11:54 · answer #8 · answered by Cassey 1 · 0⤊ 0⤋
Only to a Nigerian businessman.
2006-07-09 14:06:26 · answer #9 · answered by majic2u 2 · 0⤊ 0⤋
Of course not.
2006-07-09 15:45:28 · answer #10 · answered by marketwizard 2 · 0⤊ 0⤋