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Category: Finance & Credit Current Grade: B Total Views: 578 Member Comments: 2 |
Posted on: 02/10/2007 Posted by: robert97527 Blog Points: 28 View all blogs >> |
Hard money real estate lenders unique nitch
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working
Hi guys & Gals,
I'm looking for real estate investors & hard money lenders who are interested in funding and investing in a unique nitch loan. It would be a flat interest only at 7% and be secured with real estate, 100% ltv loan, which would include 5 years of impounded payments, securing the lenders interest including title in hand, 5 years loan payments impounded, 5 years taxes & insurance impounded. Very secure investment for the lender.
I need lenders who are willing to fund this product. The rates are better than cd's or money market & more secure. Please write me back here or send me an email at robert97527@msn.com....
Robert
HI colin,
100% ltv based on assessed value, $250-$275k. Mortgage payoff 188k. 5 years of impounded payments at 7%, taxes & insurance.Lender would hold the title, 5 years of payments would be in an escrow account & dispursed monthly by the title company. Taxes & insurance prepaid...win win.
Tell me what you think.
Robert
Hey Robert, I may be reading it wrong, but if the loans are leveraged at 100% LTV, than how is that secure?
Most hard money won't go above 75% to make sure that if the loan defaults, they're still covered. They also charge 12-18% interest and a few points. I'm interested in how this could be a safe or smart deal for someone. Again, I might be misunderstanding the arrangement and would love further clarification.
Colin