Skip to main content

Seasoned investors, I need your help!

I am in the process of getting my first loan ever, and it is a mixed use loan. With a soft money lender. I will be getting a second mortgage with the seller. And the first loan is about 370k contingent on the appraisal. I have just received the loan terms. Can anybody tell me if anything seems crazy? The lender fee seems a bit high but I’m just not sure if that’s because it is a soft money lender and I am a first time investor… Any input is appreciated!!!

Here are the terms:

A new first lien in the amount of $369.850 Mixed Use

360 Month Term & Amortization

30 years

10.740%

Prepay Penalty = 1 Years: 5%

Rate buydown: None 1.00% Fee paid to reduce prepayment period by 4.00 years)

Lender fee: 3.5% of the Loan Amount $1,599.00 Processing Fee

$2,900 appraisal fee

$2,995 Underwriting Fee + $600 Loan Doc Fee + Environmental Fee between $1,367.40 to $2,050.58 paid at closing

6 Months Reserves Required Occupancy Plan Required

submitted by /u/1ndog
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1596g3t/seasoned_investors_i_need_your_help/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more