Deep Trouble

You can sometimes tell how much trouble a company is in simply by looking at their ads. This seems to be one of those cases.

An unheard of 15% commission

Real Estate Agent Commission Incentive Program

We are pleased to announce a new Real Estate Agent Commission Incentive program for our Prestige Builder Partners, LLC (PBP) projects throughout the State of Florida. This program will apply to sales, at any PBP property, on or after July 24, 2006 and through August 31, 2006. This unique program of incentives will permit your Agents to earn commissions as high as 15% on the sale and closing of one of our condominium units.

This is how it works, each Agent will earn an escalating commission based on the number of units sold by the Agent and closed within 30 days of the sale. The first closed sale will earn the Agent a 6% commission on that unit; the next closed sale will earn the Agent a 7% commission on that unit and so on. Thereafter, each closed sale will earn an additional 1% commission up to and including the 10th sale where the Agent would earn 15% commission on the 10th unit closed. The escalating commission applies to sales by the participating Agent and no collectively for a brokerage house.

Looking beyond the hype it will be next to impossible to get 15%.
No one can possibly sell 10 of those turkeys. Still it smacks of desperation by Prestige Builders Partners.

Summer Blowout

Every Home Must Be Sold.
We're Giving Away $20 Million in Savings*

It's our $20 Million August Blowout Sale!

- Orlando
- Southeast Florida
- Fort Myers
- Naples
- Sarasota
- Tampa

Visit our Sales Centers today and register to win incredible prizes! You could win a car, a condominium, even $1,000,000!**

*Based on interest only payments for 12 months @ 6% 90% LTV. This special offer is valid only with seller’s preferred lender and title company.

I sense deep trouble at Prestige Builder Partners and perhaps by their "preferred lender".

I called to ask about this fine project and got a badly recorded answering machine at one number. I got through on a different number and following “I am inquiring about your Summer Blowout”, I asked what I thought was a simple question "Who is your preferred lender and why would I need to go through them?" I was placed on hold for 5 minutes then was transferred to an answering machine.

Perhaps I found what I was looking for.
Following are the companies that may be in hock when this project goes under.

Preferred Lenders

Prestige Builders Partners works with quality lending institutions. Below are our prefered lenders. They have proven time and time again that they are willing to go the extra mile to help our buyers realize their dream of home-ownership.

* First Meridian Mortgage
* Secure Financial, Inc.
* Service Financial Co.
* Financial Funding, Inc.
* Fembi Mortgage
* Countrywide Financial
* First United Funding
* Wells Fargo

By the way, someone might suggest to these companies that it might be a good idea to run their ads through a spell checker. They might find out how to spell prefered.

Let's see how long PBP stays in business.
Any Bets?

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com/