she must then pay $880 monthly to the lender. The parameters of the note also include a three point origination fee that will be paid at closing and a 12 month, interest only note with a 11% interest rate.Ĭelia will need to contribute $64,000 to closing (40% on the 60% loan-to-value), plus she will pay the $2,880 origination fee. This means that Celia will have to bring 40% of the purchase price to closing and the principle amount will be $96,000 on the note.
The loan to value (LTV) on the note is 60%.
The property has a cost of $160,000 but she does not have the full amount so she obtains a private money loan with Pretty Perfect Funding Corporation. She discovers a run-down property for sale and decides to remodel it and flip it for a profit. Celia is an investor in Clinton Township, MI.
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