Originally Posted by Mike O
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Bucket,
John's been busy and doesn't have the time to answer your post. However, as his financial advisor, Yes, we will loan you $500.
Before you sign the promissory note- I'd like to go over the details. This will be a 1st lien against your primary residence- NO not your car- A HOME! Of course, we will require GMAC to subordinate their current 1st mortgage neg am loan in the amount of $1.4MM- on your house that's worth $78,500. That'll put our LTV on the first at 6%. We're comfortable with that, but there is more- and some of it you'll really like- the loan is interest only for the first 30 years- Great right! The interest rate given the TGM association will be 78% per annum- really quite fair considering all the factors. We don't expect you to pay it off early- so there will be a $1000 dollar early payment penalty- if you decide to payoff before the 30 year term is up. In the note, it will say that you are banned from posting ever again on a TGM related site. Now, John thought this was really quite lenient and didn't want to do it but I convinced him that - out of the generosity of our hearts that it would be important to make the effort. He wanted to take the kids as additional collateral until I convinced him that the kids are a liability not an asset- according to GAAP. I'll have the paperwork overnighted - you'll have it in the morning.
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Wow Mike! That's a great deal you put together! I reckon you actually had to take your left index finger out of your nose to type all that.
I bet if we keep up the doofus routine on a PGA Tour Player's forum we could probably get banned from all Tour sanctioned events . . . Oh wait a minute . . . you were banned for trying to sell those oppossum fur thongs to tour wives at the John Deere stop.
Sharpen up the crayon and I'll be over to sign the loan papers. I'll just bring the house with me.