Last week I happened to talk to a real estate promoter. From the discussion I could make out, how desperate these guys are for capital. Out of a blue I got a call from this guy introducing himself as a real estate promoter and asking me if I would be interested in a real estate independent house project in Guduvanchery. I told him, I am not interested.
Then he started asking few questions which goes like this:
1. Even if I am not interested in buying in the project, he wanted to know if I could look at this as an investment opportunity. The investment he is looking for is Rs50 lakhs. I told him that I dont have that kind of money to become an investor in this special purpose vehicles. Only Lehman Brothers are good at it!!
2. He didnt leave me at this. He persists further by asking if I could refer any investor who would be interested in joining this project as an investor. I said that I dont know of anybody who could make real estate investments to that extent. I didnt have Richard Fuld's email address or phone number.
3. Thirdly, he asks me if I could arrange for a bank loan based on the security of his current house. I said I cant but he is unwilling to accept. He pesters you with further questions like can you recommend some other bank or I know of some other person who can get him a bank loan. I have to really use my persuasive skills to wriggle myself out of this situation.
The entire conversation lasted for 10 minutes or so. I can imagine how difficult his position would be, otherwise why he should call a person like me and talk about financing for 10 minutes.
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