You claiming I am part of this fraud? Do you have a lawyer, 4 eyes?
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Misc Aquatera
- Thread starter Kurt
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You claiming I am part of this fraud? Do you have a lawyer, 4 eyes?
I have so many lawyers it would make your hair curl...ier.
Notice how my answer was capitalized, baa baa. :roll:
I wonder if the property was sold this morning. 
Anyone go to the auction?
Anyone go to the auction?The lender took it back. Principle balance was $38,500,000; interest, fees and penalties brought the full amount to close to $44,500,000.
No one actually paid that today; the lender lent the money a while back, so essentially bought the property a few years ago for $38,500,000.
No one actually paid that today; the lender lent the money a while back, so essentially bought the property a few years ago for $38,500,000.
Thanks for the info. That $5.667 million in interest might leave a sore spot. ouch. The question is, is the property worth the $38.5 million, and that is a big question. Looking through some of the sales information, it appears as though Zohouri created an LLC to buy it from himself. (I doubt it is as it appears), thereby cashing out on something like twenty million.
Re: Aquatera and the SoWal market- lessons learned
Lender's current appraisal must be more than $45 mil or they would have bid the appraisal amount (and not the higher debt amount) and taken the loss against current income; looks like this lender would just as soon have the property anyway- he is a Reno casino developer who financed bringing the Queen Mary to Nevada and recently sold the San Francisco CA Armory building at a huge profit to www.kink.com so he is a cowboy wheeler dealer- will be interesting to see what he puts out there on the Panhandle
Lender's current appraisal must be more than $45 mil or they would have bid the appraisal amount (and not the higher debt amount) and taken the loss against current income; looks like this lender would just as soon have the property anyway- he is a Reno casino developer who financed bringing the Queen Mary to Nevada and recently sold the San Francisco CA Armory building at a huge profit to www.kink.com so he is a cowboy wheeler dealer- will be interesting to see what he puts out there on the Panhandle
"Flashback Update"
----------------------------
Our old friend Fred Zohouri made Page One of the Wall Street Journal!!--congrats Fred!!!
http://online.wsj.com/article/SB118799900508008451.html?mod=hpp_us_whats_news
DEFAULT LINES
Condo Troubles
Further Squeeze
Property Lenders
Full Force of Glut Is Felt
As Buyers Back Out;
'More of the Iceberg'
By ALEX FRANGOS
August 25, 2007
For the nation's real-estate lenders, the other shoe may be about to drop: condominiums.
Already plagued by rising home-loan defaults and foreclosures among overstretched consumers, major markets across the country -- including parts of Florida, California and Washington, D.C. -- are seeing rising foreclosures and bankruptcies of entire condo projects.
The problems are emerging as some buyers who signed contracts to buy new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren't willing to lend the full amounts that people committed to in the sales contract.
................
"Left holding the bag amid the defaults and foreclosures are the banks and real-estate investment funds that lent money to people such as Farbod Zohouri, an Atlanta developer who took out $300 million in loans for more than a dozen projects in 2005 and 2006. Within a year, all were foreclosed or had filed for bankruptcy protection.
In a sign of how widespread the condo frenzy was among lenders, Mr. Zohouri's financing sources ranged from tiny local banks to Lehman Brothers, which lent him $180 million for two Orlando condo-conversion projects that flopped. Several commercial banks lent him money for five projects, despite his relatively small operation and spotty track record, which included a settlement with the federal government on mortgage-kickback allegations.
Mr. Zohouri, who goes by "Fred," says he is "an honest person" who is working hard to get his investors' money back. He says because of possible legal actions, he can't explain exactly what went wrong."
----------------------------
I know "exactly went wrong"....Fred's reality check bounced.
.
----------------------------
Our old friend Fred Zohouri made Page One of the Wall Street Journal!!--congrats Fred!!!
http://online.wsj.com/article/SB118799900508008451.html?mod=hpp_us_whats_news
DEFAULT LINES
Condo Troubles
Further Squeeze
Property Lenders
Full Force of Glut Is Felt
As Buyers Back Out;
'More of the Iceberg'
By ALEX FRANGOS
August 25, 2007
For the nation's real-estate lenders, the other shoe may be about to drop: condominiums.
Already plagued by rising home-loan defaults and foreclosures among overstretched consumers, major markets across the country -- including parts of Florida, California and Washington, D.C. -- are seeing rising foreclosures and bankruptcies of entire condo projects.
The problems are emerging as some buyers who signed contracts to buy new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren't willing to lend the full amounts that people committed to in the sales contract.
................
"Left holding the bag amid the defaults and foreclosures are the banks and real-estate investment funds that lent money to people such as Farbod Zohouri, an Atlanta developer who took out $300 million in loans for more than a dozen projects in 2005 and 2006. Within a year, all were foreclosed or had filed for bankruptcy protection.
In a sign of how widespread the condo frenzy was among lenders, Mr. Zohouri's financing sources ranged from tiny local banks to Lehman Brothers, which lent him $180 million for two Orlando condo-conversion projects that flopped. Several commercial banks lent him money for five projects, despite his relatively small operation and spotty track record, which included a settlement with the federal government on mortgage-kickback allegations.
Mr. Zohouri, who goes by "Fred," says he is "an honest person" who is working hard to get his investors' money back. He says because of possible legal actions, he can't explain exactly what went wrong."
----------------------------
I know "exactly went wrong"....Fred's reality check bounced.
.
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Re: Aquatera
"Flashback Update"
----------------------------
Our old friend Fred Zohouri made Page One of the Wall Street Journal!!--congrats Fred!!!
http://online.wsj.com/article/SB1187..._us_whats_news
DEFAULT LINES
Condo Troubles
Further Squeeze
Property Lenders
Full Force of Glut Is Felt
As Buyers Back Out;
'More of the Iceberg'
By ALEX FRANGOS
August 25, 2007
For the nation's real-estate lenders, the other shoe may be about to drop: condominiums.
Already plagued by rising home-loan defaults and foreclosures among overstretched consumers, major markets across the country -- including parts of Florida, California and Washington, D.C. -- are seeing rising foreclosures and bankruptcies of entire condo projects.
The problems are emerging as some buyers who signed contracts to buy new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren't willing to lend the full amounts that people committed to in the sales contract.
................
"Left holding the bag amid the defaults and foreclosures are the banks and real-estate investment funds that lent money to people such as Farbod Zohouri, an Atlanta developer who took out $300 million in loans for more than a dozen projects in 2005 and 2006. Within a year, all were foreclosed or had filed for bankruptcy protection.
In a sign of how widespread the condo frenzy was among lenders, Mr. Zohouri's financing sources ranged from tiny local banks to Lehman Brothers, which lent him $180 million for two Orlando condo-conversion projects that flopped. Several commercial banks lent him money for five projects, despite his relatively small operation and spotty track record, which included a settlement with the federal government on mortgage-kickback allegations.
Mr. Zohouri, who goes by "Fred," says he is "an honest person" who is working hard to get his investors' money back. He says because of possible legal actions, he can't explain exactly what went wrong."
----------------------------
I know "exactly went wrong"....Fred's reality check bounced.
"Flashback Update"
----------------------------
Our old friend Fred Zohouri made Page One of the Wall Street Journal!!--congrats Fred!!!
http://online.wsj.com/article/SB1187..._us_whats_news
DEFAULT LINES
Condo Troubles
Further Squeeze
Property Lenders
Full Force of Glut Is Felt
As Buyers Back Out;
'More of the Iceberg'
By ALEX FRANGOS
August 25, 2007
For the nation's real-estate lenders, the other shoe may be about to drop: condominiums.
Already plagued by rising home-loan defaults and foreclosures among overstretched consumers, major markets across the country -- including parts of Florida, California and Washington, D.C. -- are seeing rising foreclosures and bankruptcies of entire condo projects.
The problems are emerging as some buyers who signed contracts to buy new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren't willing to lend the full amounts that people committed to in the sales contract.
................
"Left holding the bag amid the defaults and foreclosures are the banks and real-estate investment funds that lent money to people such as Farbod Zohouri, an Atlanta developer who took out $300 million in loans for more than a dozen projects in 2005 and 2006. Within a year, all were foreclosed or had filed for bankruptcy protection.
In a sign of how widespread the condo frenzy was among lenders, Mr. Zohouri's financing sources ranged from tiny local banks to Lehman Brothers, which lent him $180 million for two Orlando condo-conversion projects that flopped. Several commercial banks lent him money for five projects, despite his relatively small operation and spotty track record, which included a settlement with the federal government on mortgage-kickback allegations.
Mr. Zohouri, who goes by "Fred," says he is "an honest person" who is working hard to get his investors' money back. He says because of possible legal actions, he can't explain exactly what went wrong."
----------------------------
I know "exactly went wrong"....Fred's reality check bounced.
"I know "exactly went wrong"....Fred's reality check bounced"....another gem from SHELLY.