Private Financing terms help
Greetings...
I've prepared a Private Lender Package for potential lenders and I'd like the opinion of the BiggerPockets community.
I'm asking for $30k at 10% non-recourse for 5 years in exchange for the 1st lien on a home valued at $160k. This would be an interest only loan paid at $250/mo. for 60 months to pay out $15k total with the original $30k balloon payment at or before the 5 year period for a total payout of $45k.
Please let me know your thoughts as I've never prepared a private lending package and I'm not exactly sure if this is favorable enough for my first private loan.