Personal Guarantee – No Way

TRANSCRIPTION

This is Terry Hale, I want to shoot this quick little segment. I just had a telephone call, was speaking with this financier who said that he wanted a loan money, he had an attractive rates. At the end of the call, once I talked to him about non-recourse financing, everything changed. I said there’s no such thing as non-recourse financing, that you have to personally guarantee they want you to do something called 1003, which means that you personally signed you give, you know, your bank statements, tax returns everything. And I told him, I said, Look, I get non-recourse money all the time. And the fact is, I’m always searching for more money because I’m always placing capital moving on to the next deal. That conversation ended quickly. So I’m shooting this video to give you the upper hand when you’re speaking with Banks And here’s the key guys avoid banks at all costs, you don’t need them. There’s no need for banks, there’s no need to personally guarantee loans. Everything that we do is seller-financed or we buy all cash. If we buy all cash, we raise the capital to buy it, and someone gets an equity position or returns on their money. All right, everything we do is always going to be non-recourse. So keep in mind, when you’re pursuing projects, don’t worry about your personal credit, your TransUnion, Equifax, Experian, that three-digit number, don’t worry about that three-digit number because that’s for your personal life. That’s for personal business that has nothing to do with pursuing commercial real estate. So I hope you dig this segment. If you do, go ahead and click the link below. And better yet, just go to Terryhale.com. And look forward to engaging again with you here real soon. So remember, avoid banks. All right. Let’s get some business going. Take care.