Leonard Pearson
St. Augustine, FL (USA)
Role(s):
Founder/Owner/Principal
Ancient City Associates LLC
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Startup
Location:
St. Augustine
Industry:
Real Estate
Year Founded:
2011
Number Employees:
1-10 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
I seek Private Lenders to fund real estate projects throughout the nation. I pay as high as16% interest on loans and typically borrow anywhere from 50k to 500k to fund projects.
I secure the loan with a first position mortgage at a loan to value (LTV) no greater than 75% of the after repair value. Insurance is paid on the property of no less than the loan amount, with the lender named as the loss payee. In addition, I purchase the property under a Land Trust or LLC and sign a Conditional Assignment of Beneficial Interest to the lender base on the condition and terms of the note and mortgage. Depending on the length of the project most loans are paid in full within three to six months. If you require a fix date to have your loan paid in full, I can do that as well. I will always present you with the investment summary breakdown so that you can analyze the full scope and details of the project before you base your lending decision.