--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]>
wrote:
>
> I see Dan - we are on 2 different subjects. You are talking about
> priority of liens for a payoff (and you are right). Although I
> think you are taking some liberties with the word "equity
> investor." Equity presupposes you own the property. Banks with
> mortgages don't own the property, they have a security interest -
> not an equity interest. So too for individuals holding a
promissory
> note.
>
Both you and I don't know how these things were actually structured
so perhaps we should not be speaking, but that has not stopped us
before. I looked at one of the properties they owned that I knew of
(618 Asbury). It was owned individually by Gary Klein nd recently
transferred to Jacob Cohen. I thought perhaps that the promissary
notes were to buy properties as pools of investors. That doesn;t
appear so for this property, so I really don;t know what interests
the investors actually hold. If they had security interests as
lenders I don;t know what position they would hold (order, first
second, etc.) because I could not imagine a regular bank sitting as
a second behind a private. BTW, an attorney Panepinto pops up in
several transcations on this property.
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