Hard Money Terms Sheet... 12% and 2pts?
Howdy folks: Looking for a 2nd set of eyes on a hard money terms sheet... Can I get a few thoughts on fair value? Is this similar to what others are seeing? First experience w/ hard money.
Loan amount: $27,000
Interest Rate: 12%
Term: 3-months
Origination Points Owed by Borrower: 2 points ($540)
Monthly Payment (30 year fixed amortized): $272 ($27,000-$540=$26,460)
Points payable at payoff: 0 points ($0)
Prepayment Penalty: None
Loan Extension: 3-months
Loan Extension Points: 2 points ($540)