PRRM
A/S 20,000,000,000
O/S aprox 300,000,000 per Richard Astrom 7/29/04 PM

I just spent an hour on the phone with Richard Astrom the CEO of PRRM he said the REGDEX filing was actualy a Form 504 filing.
The REGDEX form 504 paper filing is to authorize the issuance of $1 million dollars in shares, and it was filed on 6/9/04. He didn't know how to find it online so I helped him get to it! The Form 504 authorized to a Market Maker, gives that MM the right to sell $1m in shares on behalf of the company. I was assured by Richard Astrom that there would be no further issuances of shares anytime in the forseeable future! The $1m is to add to ongoing Morgages being sold by PRRM. which are issued to medium to, higher risk client who need a loan now, rather than waiting out the 1-3 month loan application period! Most should be short term loans because PRRM issues these loan with a 65% maximum equity out value and a 12-15% interest rate, and get this! Approximately 20% points ($40k on a $200K loan at closing! Nice)! The next thing I liked was that all of the loans are writen with a 3% penilty for early payoff! Either way PRRM wins 12-15% for term or 3% out and they already have the points paid!
He told me that the 1 to 10 forward split was issued because he understood that the PPS was low as a result of the 504 shares being issued and that it was to make shareholder feel better about there holding. He went on to say that and Im gonna quote him " There will be no reverse spit of PRRM share" I asked him if he could give me a guaranteed time for no R/S and he got a bit defencive, but said "I haven't even concidered it, but at least for the forseeable future. He added "I can't see an R/S happening this year at all"
I had done a Google search for his name prior to my call and it brought back 4 more companies one of which is CSIN OTCBB so I asked him if there was any possibility of CSIN buying and adding PRRM as a Subsidiary and he said " I don't think that would be in the best interest of either company, but I do plan on filing to get PRRM listed to the OTCBB at some point in the near future"
During the conversation and before we discused CSIN he made referance to another company he owns without naming it and it was stuff that has not been PRed yet so I wont post it, but my feeling was that he was refering to CSIN so I'll be keeping a close eye on that one, as well!
There is another company with the symbol NRPI that you will come across if you do DD on Richard Ashton. It is now a shell with an issue. I questioned Mr. Astrom about the company and why it doesn't trade anymore and he said that it was a first company and that the transfer agent had issued more shares then were authorized and that he had contacted the SEC about it and they told him to fix it! He felt that the issue had been cleared up by the TA of that shell and that NRPI could become a tradeable shell if it wasn't already!
He said " If you are buying at this level then he felt that you would be buying at the bottom" I assured him before the conversation was over that I was and would continue to do so till the PPS started to rise higher than I felt safe with!
All in all, I found Richard Astrom, CEO of PRRM, to be very straight forward and to the point. He didn't try to avoid any of my question and he said that I was the only caller he had had in a month. He said there must be many people buying on spec with no infomation to go on and that he didn't understand how people could buy like that, and that he would be happy to discuse PRRM or CSIN or even NRPI with anyone who was smart enough to do there DD the right way!

I have added up the total sales at the bottom PPS on all days since 6/9/04 and my best guess says they have sold very close to all of the 504 shares at this time and I will be looking for a bounce due to demand when the 504 is done!

Prime Rate Investors, Inc., Coral Gables
Richard Astrom, 786/236-6434
Fax: 305/666-3994 http://www.prrm.us
E-mail: nres74@hotmail.com

Good Luck!
Rick

Good Luck
Rick

quote:

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Originally posted by rickpic:
Hey Will call Mr Ashton if you have any questions at all about PRRM. I provided the PH#!

Good Luck
Rick

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Due Da Due......But Be Quick About It!!!!!

Wid ma mind on ma money an' ma money on ma mind!!!

quote:

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Originally posted by dardadog:
Thanks Rick.

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No problem! Just getting the DD from the horses mouth instead of the horse down the streets mouth! Seeing as my holdings are increasing dramaticly and its becoming a major in my account! The No reverse split quoat is the one I wanted no here! as Will said I feel safer adding now! 12m and counting!

Good Luck!
Rick

Nice job. One thing though; are you SURE he said 20 POINTS???? 20% ?? $40,000.00 on a $200,000.00 loan?

I would think that 20 points would violate the FL usury laws. They have REALLY cracked down on Auto Title Loans and Pay Day Loans from places like Check Cashing Stores that charge interest at the rate of "Two arms if you repay by Thursday - and both legs if it takes 'til Saturday" ! Not quite - but almost.

I have many friends down here in So. FL who are "Hard Money Lenders", and have even lent some out myself. But we USUALLY NEVER charge more than 3 Points (3%) - and usually have no pre-payment penalty. We have about 8 good-size Real Estate Investor Clubs down here - with probably 60 "Hard Money" men (and women)- and THAT's the norm. We get the same 12-15% APR and will only lend a MAXIMUM of 65% LTV. That part I agree with. We can do a deal almost "overnight"! We're lending on the value of the property in case we have to take it back and resell it - NOT on the person OR his/her credit. This is really nothing more than "bridge" money for Real Estate 'flips' or Purchase/Rehabs, and people don't keep the money out for more than 2-4 months, on average. Hence - the NEED for the 'points' (1 pt. = 1% of the loan).

I may give him a call today if I get a chance - or Monday. I'll also call a few of the other guys I know well down in Miami and see what they have to say about him. (They MUST know who the guy charging 20 points is - LOL)!

Good Luck!
Steve

PS: It's GREAT to have you back posting again.

[This message has been edited by Love the Market (edited July 30, 2004).]

Prime Rate Investors Inc. Announces Hiring of Mergers & Acquisitions Firm to Seek NE Regional Mortgage Company for Acquisition
Monday August 2, 8:02 am ET

CORAL GABLES, Fla.--(BUSINESS WIRE)--Aug. 2, 2004--Prime Rate Investors, Inc. (Pink Sheets:PRRM - News) announces that the company has retained Windsor Capital of 82 Wall Street, Suite 1107, New York, N.Y. to search for a prominent, regional "hard equity" mortgage company located in the Northeast section of the US. Windsor Capital is a merger and acquisition firm specializing in financial services companies in the Northeast. "The company realizes that the time is perfect for growth and expansion in our market as interest rates are rising, which makes our rates more affordable to our borrowers," said Richard Astrom, President of PRRM. Prime Rate lends through its subsidiary Tampa Bay Mortgage Solutions, Inc. lends 70 percent of the value of property at rates of 15 percent per year, plus points. Typically term is 1 to 2 years.
Board of Directors has approved a resolution for the forward split of the common stock of the Company by unanimous written consent of the Board of Directors whereby every holder of 10 shares of common stock shall be entitled to an additional one share of capital stock. The effective date of this forward split shall be September 1, 2004. The shares will be mailed directly to the owners of record by Signature Stock Transfer Inc. approximately one week after the September 1st effective date.

The company owns Tampa Bay Mortgage Services, Inc. in Tampa, Florida which is a direct lender specializing in short term asset based lending. The company specialty is acquisition financing, construction loans, and lines of credit for builders and investors. The mission of the company is to build a diverse portfolio of debt and equity instruments that will provide the shareholders with both current income and capital appreciation. The specialty of the company is "hassle free hard equity loans". The company has a web site: http://www.prrm.us

In for 16m now and still building this lil nest egg!

quote:

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Originally posted by rickpic:
Will. I just saw that! Astrom and I discused the NE reagon on the phone and I believe he was listening to me. One thing is for certain and that is that he has taken it to the top with a very prominent NYC firm to handle the next aquisition in the NE!

In for 16m now and still building this lil nest egg!

Rick

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quote:

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Originally posted by jmichael7:
..thanks for sharing your DD with us rickpic is much appreciated... ;0) em jm

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SERIOUS DD. THANKS RICKPIC--MIGHT HAVE A GOOD MONEY MAKER HERE. ON MY WATCH LIST. THANKS...

ST. PETERSBURG, Fla., Jun 16, 2004 (BUSINESS WIRE) -- Tampa Bay Mortgage Services, Inc., a wholly owned subsidiary of Prime Rate Investors, Inc. (Pink Sheets:PRRM), announces that it has given a $1,000,000 secured line of credit to Royal Arkansas Hotel and Suites, Inc. in Pine Bluff, Arkansas. The funds are to be used for renovation of a 200 room hotel. The hotel is presently known as the Pine Bluff Convention Center Hotel and is attached to the Pine Bluff Convention Center.

javascript:viewHotelImgs("10227626");

I called WIEN today and spoke with Larry Wien himself about PRRM! He reafirmed the 504 for $1m and WIEN is the MM handling the dependiture for $1. I asked him how close they were to completing the sale and of course he didn't give me an answer, but something told me they were very close to completing it! Not even 5 minutes after I hung up the phone WEIN droped off the ask and placed an ask of .001. Tomorrow we should know if the dependiture is done or not.
An aquisition of a broker in the NE area will prove to be very great for PRRM and I can't wait to find out which one it will be! I'm from NE and I know the market here. Its big!
Hang in there, this has reasons to move north!
Rick

quote:

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Originally posted by rickpic:
Heres what I think! Those 40m shares were mostly me buying and WIEN droping off the bid was very significant!

I called WIEN today and spoke with Larry Wien himself about PRRM! He reafirmed the 504 for $1m and WIEN is the MM handling the dependiture for $1. I asked him how close they were to completing the sale and of course he didn't give me an answer, but something told me they were very close to completing it! Not even 5 minutes after I hung up the phone WEIN droped off the ask and placed an ask of .001. Tomorrow we should know if the dependiture is done or not.
An aquisition of a broker in the NE area will prove to be very great for PRRM and I can't wait to find out which one it will be! I'm from NE and I know the market here. Its big!
Hang in there, this has reasons to move south!
Rick

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quote:

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Originally posted by rickpic:
Yes i meant NORTH! Not really sure how much North but any move north puts me in the green at this point! My average is now under .0004 with my buys today at .0003 now holding 43.5m

Good Luck
Rick

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Shares traded since 7/19 1,981,155,000 Cash value calculated at the low of the day $1,061,102.91

The Regdex 504 dependiture for $1 million dollars was filed on 6/9/04

Between 6/9 and 7/5, 72 million shares traded at an average of .01 or $720,000.00 (Some traded much higher)

Between 7/6 and 7/16 when volume moved way up! 67 million shares traded at an average of .004 or $268,000.00

Very interesting that the cash generated from trading between 6/9 when the 504 was filed and 7/16 when volume picked up was $988,000,00 Just $12,000.00 under the total of the 504 filing!

In any case $1,708,000.00 is the cash generated from sales since the filing! My guess is that the 504 is done and that the shares are just being moved around to make it appear that it is not done for some reason! Maybe to shake out weak hands, so that larger investers can accumulate at this much lower level! I'm not sure! I do know however that I wont be shaken below a 125% gain on my investment, and even then I will hold on to 10s of millions of free shares!

SEC rules staight that 504 dependiture filing limit shares to the amount it takes to cover the dependiture for one year from the filing!

Rick

Rick

[This message has been edited by rickpic (edited August 06, 2004).]

Rick

quote:

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Originally posted by rickpic:
LOL .0003906 is my average! Thinking it may take off sometime next week!

Rick

[This message has been edited by rickpic (edited August 07, 2004).]

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Prime Rate Investors Inc. Has Been Paid Closing Points and Has Received Final Funding Request for Hotel, Forward Split Set for September 1st
Business Wire - August 09, 2004 08:01

CORAL GABLES, Fla., Aug 9, 2004 (BUSINESS WIRE) -- Prime Rate Investors, Inc. (Pink Sheets:PRRM) announces that the company has received final funding request for closing from Royal Arkansas Hotel and Suites and has paid Prime Rate Investors its fees for funding. Closing is set for August 27. The mortgage loan is a draw on the $2,000,000 credit line and is at 18% interest. Richard Astrom, President of Prime Rate Investors, said, "We are excited to make the loan as we consider it to be a prudent and profitable investment." The hotel consists of 200 units and it attached to the Pine Bluff, Arkansas Convention Center. The hotel and Convention Center are across the street from the City of Pine Bluff City Hall. The convention center is owned and operated by the City of Pine Bluff Arkansas. Bob Purvis, director of the Convention Center, said, "We are excited to have new ownership in the hotel as they are experienced hotel operators, and they are bringing new and fresh ideas to the hotel and Convention Center." Prime Rate typically lends through its subsidiary Tampa Bay Mortgage Solutions, Inc. and lends 70 percent of the value of property at rates of 15 percent per year, plus points. Typically term is 1 to 2 years.

Board of Directors has approved a resolution for the forward split of the common stock of the Company by unanimous written consent of the Board of Directors whereby every holder of 10 shares of common stock shall be entitled to an additional one share of capital stock. The effective date of this forward split shall be September 1, 2004. The shares will be mailed directly to the owners of record by Signature Stock Transfer Inc. approximately one week after the September 1st effective date.

The company owns Tampa Bay Mortgage Services, Inc. in Tampa, Florida, which is a direct lender specializing in short term asset based lending. The company specialty is acquisition financing, construction loans, and lines of credit for builders and investors. The mission of the company is to build a diverse portfolio of debt and equity instruments that will provide the shareholders with both current income and capital appreciation. The specialty of the company is "hassle free hard equity loans." The company has a web site: http://www.prrm.us.

This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

SOURCE: Prime Rate Investors, Inc.

Prime Rate Investors, Inc.
Richard Astrom, 786-236-6434
Fax: 305-666-3994 http://www.prrm.us
E-mail: nres74@hotmail.com

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