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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (24365)	10/7/2004 9:04:14 AM
From: Haim R. Branisteanu	Respond to of 306849

You are correct they bought 6 acres for 5 million + 5% commission with an option for the remaining lots. Stage one wanted to build 360 apartments @ $250 per sq. foot in a gated community, and asked me to try to secure complimentary financing to achieve a leverage ratio of about 1 to 10. First without knowing they already bought the land, I made my reservation about Las Vegas ( was told I better learn and find financing) later meet the other partner and was assigned to “oversee” raising the senior debt and myself place the complimentary financing of about $20 to $30 million. Informed them that the structure must be changed – e.g. to rosy expectation and to little equity – discussed it with the company outside E&Y CPA who thanked me for my assessment ... in response the company told me ... - well we do not need your services. Now I am “persona nongrata” All this was in May / June this year