Michael Colaninni
Austin, TX (USA)
Role(s):
Founder/Owner/Principal
Park Place Funding, LLC
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Startup
Location:
Austin
Industry:
Real Estate
Year Founded:
2002
Number Employees:
1-10 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
We are a real estate investment firm that specializes in hard money lending secured by real estate. I am seeking funding to build our lending volume. We make private commercial loans to real estate investors looking to build wealth through purchasing single family rentals and flip properties.
I started investing in real estate in 2001, have a proven track record, an excellent credit score and references available upon request. I welcome all attorneys to invest as the elements associated with the investment transaction are above board. I am also willing to make a 10% injection of my own funds into every transaction so our interests our aligned.
The target turnaround time for loans is 3-12 months and it’s structured for a one year term. I am offering investors an 8% return on their money. We make quarterly interest payments and pay the 8% annual yield even if your money isn't out. This way we have an incentive to get your money working before we utilize other sources. Each investment is tied to one single-family residence and a Deed of Trust and Promissory Note are created for each property. This is your security interest in the property, along with other documents transferring ownership of the note over to you. All paperwork is completed by the title company at purchase and is recorded in the county courthouse, just like what a national bank would do if they lent you money to buy a home. There is NO co-mingling of investor funds for different properties and this investment can be structured through your IRA with a custodian account.
For additional details please get in touch.