Updated almost 7 years ago on . Most recent reply
Private Money Terms needed for pitch-specifics and documentation
I have a duplex I own free and clear, and just need some additional money to finish rehab. I want short-term money, 6 months max, loan amt $50K, with property as collateral. I just had it appraised, and that came in at 347K. Bottom line is I paid cash, and rehabbed with my own cash, and ran out. I've got about 165K in my own money, and once it's seasoned will do a cash out refi.
Hard money quotes are ridiculous, and really I think I can approach a few friends with money. But I have no idea what the TERMS of a PM loan would be? Interest rates? Pay schedule? Balloon payment at end of interest or monthly? How to write up the offering? I can't believe I can't find anything on BP for this!!!
Please help!
Tracy