Replies to post #109652 on Fortress Financial Group fka FFGO

[ordinarydude]

....(sigh), the game continues.

Ordinary

[indebt2]

is this bs or what?
what a bunch of crooks. just my opinion

[parrot head]

Great news. Seems like the deal is for real this time.

[KMART9999]

GM V.....and all.....Looks like the buyers

were attempting to play hard ball...Perhaps FFGO will be in a stronger position to demand the right price.......Anyway, looks like this will not close any time soon.....JMO.

[PeterS237]

Actually, since it is unsecured, someone believed enough in the ongoing deal to lend the money. I'm only interested in who is the lender. If it's a well established credit firm who investigated the whole situation and is nevertheless confident in the good outtcome of all this, well, then I'm confident too.

[overachiever]

UNREAL. Lumb loans money to FFGO through one of his companies who then uses the money to pay another of Lumb's companies. In exchange for this, FFGO then issues Lumb some new "debt retirement stock" which becomes free trading just as soon as Lumb gets it.

What a sick scam.

[janice shell]

Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that it has received a new "draw down" line of credit in the amount of US$500,000; effective immediately. This Credit Line is unsecured and bears interest at the rate of 12% per annum. This credit facility is short term and is due and payable on March 30, 2011.

Guess you'll be waiting longer than you thought.

[bobbybdb]

Wow, This is a typical hard money loan, I don't believe they have given the entire story here.

There no doubt was up front points to pay at least 1% maybe more, plus closing fees which are normally 2 to 3 % with a 1 % per month payment interest only, all due and payable March 30 2011.(BALOON Payment)
(1% per month = 12% per annum)
So $500,000 x 1 point and closings = at minimum 3%

3% of $500,000 +15,000 so the loan balance @ 1% per month payment would be $515,000.00, $5,150.00 per month interest only.

So lets see the cost of this money for one year.

$5,150.00 X 12 = $61,800.00 Like I said hard money, I wonder what was used for collateral

I surely hope it's worth it?

Just sell the mineral rights and get on with it. What is this putting the company in a stronger position? I thought that the negotiations were complete and the company was trying to help the buyer close the deal.

Needless to say, I really don't like what just happened IMO.