First, the news on the home in Seven Oaks defaulting is old news, so I am not sure why they are covering now. However, they also give us an interview with Jennifer Crisp and an update on the commerical building on Stockdale.
From KGET.com website
17News has tried repeatedly to speak to Crisp. This afternoon, when Reporter Kiyoshi Tomono went to his house, Crisp's wife, Jennifer, said her husband was at work when 17 News knocked on her door Wednesday.
"You are saying bad things about my husband," Jennifer Crisp said. "I don't want to talk about it."
On Friday, county records show Crisp took out a fifth mortgage on a 10,000-square-foot office building at 8800 Stockdale Highway. He borrowed $650,000 against the building.
Crisp has taken out four other deeds—one for $1.375 million on April 12, another for $505,000 on April 13, a third for $200,000 on April 25, and a fourth for $48,000 that same day. That means he's taken $2.78 million in loans on the Stockdale Highway property. Crisp bought the building for $2.5 million in April, and property prices in Kern County have continued to decline over the last year.
5 comments:
5 mortgages on one asset? What sensible bank puts their depositors' money at risk making such a loan? He had just taken out 4 loans two months earlier. Why does he need more money if he was doing well? Who makes these loan approvals? Never mind that Crisp is having a hard time on his personal credit. Never mind that the CLTV is probably in excess of 100%. If I was a shareholder or depositor in this bank who gave Crisp loan #5, I want to know why they are literally throwing away good money. Someone needs to be held accountable.
And today's secret word on "David's Playhouse" is coffee can.
My bad, just read the entire article. Lender #5 is a RE agent. Can't blame a bank or mortgage company on this one. That said, why would anyone want to be in 5th position on a $650k loan? They would be better off buying a municipal bond or a treasury bill/bond for that kind of money. I'm sure the RE agent is getting a nice rate on that note, but what good is a double digit return when the borrower is incapable of repaying? This fool and his money will soon be separated.
Oh man! It just doesn't get any better than this! Mr. "Big Time" and his instant wealth by dubious means! Now its time to PAY THE PIPER!!! HA HA HA!!! For his sake, he should be stashing that money and seeking another country to live out his life "low profile" in! Wonder if Jenn will hang in there with him when he's broke? She'll make someone a nice trophy wife I would imagine!
I "get" it rob dawg -- coffee can, LOL!
They better watch Mr. Crisp, flight risk if I ever saw one.
As far as the last $$ being put into the bldg on Stockdale, the RE agent obviously wants the property. He(She) will get it and at a fraction of what paper is on it. Just watch.
Post a Comment