As a follow up to a previous post on the oil deal I’m doing, the private lender is very interested in our deal. We have to go through his contract and sign it within 7 days and post the commitment fee of $200k. At that point, we cannot back out. If he does, we get our deposit back, but if we back out, we lose it.
After that he’ll send someone out to take a look at the leases and make sure everything is as we say it is. If everything goes according to plan, we should be able to close on it in about a month’s time.
Our loan broker is also trying to find someone to just flip the deal to so we don’t even need to drill on it. That’ll be the quickest way to make money but probably not the most profitable. Lets see how it unfolds.