Replies to post #92235 on JP 3E Holdings Inc (JPTE)

[gshores]

thats usually because of a large down payment and excellant credit rating.

[Kool Aid Man]

IMO Pastor Park likely found a Korean EB-5 investor to front some of the money to build 510 Hamilton. He then set about duping everyone into believing he could keep it fully leased largely with students he hoped to recruit into his UBF cult. His HAMILTON STREET ASSOCIATES LLC partner Perry Pavicic ran a small roofing, siding and construction business. Interesting that Park isn't named on the LLC https://www.bizapedia.com/nj/hamilton-street-associates-llc.html

Then there's this where Park claims 510 Hamilton has been ''acquired/ merged'' by JP3E from HAMILTON STREET ASSOCIATES -- https://pitchbook.com/profiles/company/608975-56#overview

Followed by this building application by Park aka HAMILTON STREET HOLDINGS for another project down the street at 752 Hamilton
https://www.franklintwpnj.org/committees-commissions/planning-board/application-material/hamilton-street-holdings-llc-pln-24-00006

Talk about 3-D scamming

[I ll be back]

Not really an issue.

Of interest is that the mortgage holder did not require that the taxes be included in the monthly payments. Brings up more questions. Tax sale and the mortgage holder loses?

As a rule of thumb, if you take out an 80% loan to value (LTV) meaning you borrow no more than 80% of the value of the property, the lender will not require the taxes included in the monthly payment. The idea being you will make your tax payments when you have more skin in the game.

Given the loan was likely a standard construction with a roll over into the perm. The loan was likely closer to a 65% LTV and would have qualified at the time of not requiring the taxes to be collected monthly.

As for the exposure, the lender would step in and pay the taxes and save its outstanding loan.