Posted by Rettman on November 11, 2002 at 16:37:11:
Thanks for the advise…I think I’ll take it!
Find the deal, and the Money will come? - Posted by Rettman
Posted by Rettman on November 08, 2002 at 12:15:14:
This is not a solicitation. I’m asking for advise. Heres the deal:
Property location: Southwest Utah
Property Appraisal: 50,000 (as is)
Funds Needed: 30,000
LTV: 60%
Back Door: Buyer ready to sign
contract for 45,000
at 10% with 12 month
balloon.
The best Hard Money Loan I have found is 18% and 10 points. do I take that with the negative cash flow until my buyer refinances, or should I continue shopping for a better HML?
If I can find 15% interest I won’t negative cash flow, but I don’t have alote of time (about two weeks). The veterans and the Pro’s all say “Find the Deal and the Money will come”…sugestions anyone???
Re: Find the deal, and the Money will come? - Posted by GMann
Posted by GMann on November 09, 2002 at 18:59:05:
There is a tremendous back up in the process of mortgages right now. I don’t think you have time to change. I would take what you have and do better on the next one.
I would have more concern about the 10 points in fees ($3000) rather than the 18% interest rate.
There is only a $900 a year difference a year in 15 and 18%. See if you can beat up the mortgage company on the fees. Maybe $2000 instead of $3000