Andrew Elfmont President of Elfmont Associates, Inc today announced the closing of a 6,000,000 ten year fixed rate first mortgage loan for Mission Lakes apartments in the City of Tamarac. Mission Lakes is a 136 unit rental project that is owned by Mission Lakes Rentals LLC, whose Managing Member is Carlos de la Cruz Jr. The first mortgage financing was used to refinance an existing short term acquisition bank loan that was outstanding with the Bank of Miami. The loan was obtained thru Grandbridge Mortgage of Birmingham, Alabama. Gerry Robbins handled the transaction on behalf of Grandbridge. The loan closing took place January 2011.
Recent quick drop in short terms interest rates. The short and simple explanation of financial repression is that the government, which includes the Federal Reserve, thru regulations and other means, compels banks and others to buy government credit, which actions then push current interest rates to an “artificially created” lower interest rate which is below the current rate of inflation, which means that a buyer of this credit will earn a negative real return. What this means is that the government has “manipulated its power” in order to pay off all its debt service and debt in deflated dollars with the negative real return passed on to others but, most importantly to small savers who rely on short term interest rates for income, as it’s their loss of income that the government is using to solve its debt problems. One has only to look at what is happening.
