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01-12-2018, 03:09 AM #4
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Mortgage = 30-year amortization schedule, monthly principle & interest. For a non-commercial property, rates from a bank will be in the 3's or 4's, while the rates that we brokers without a Real Estate license on this forum can get start in the 5's some can up-sell up to the 9's, with up to 3 maybe 4 broker points. For commercial property, add about 2 points.
With banks, you'll close in about 60 days and only qualify with income verification. For the lenders who hang out around here, I'm working a small deal now with one of them that the whole thing will take 3 weeks, if we close, with no income verification or tax returns whatsoever, and we're able to squeeze out 5 points with the up-sell. It goes very smooth, if you know what you're doing and the borrower is on board and has his set of RE people (insurance agent and closing agent).
Money Lender = 12-18 months interest-only payments, generally from 10-12% with 1-4 points origination
$100,000 mortgage at a very high 10% interest rate $878/month
$100,000 hard money loan at 10% is $1000/month, and you have to re-fi out in one year (balloon payment)Last edited by abfunders; 01-12-2018 at 03:11 AM.
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