I'm in the process of my first deal.. weighing the purchase options. I'm putting up 50k and need another 60k.. looking at private money and paying interest, and getting a mortgage. When looking at either as possibilities, does anyone compare what you'd pay in interest (private money), compared to closing costs ( mortgage) and decide based on that?
@Adam Edwards interest is certainly a consideration but so are a lot of other things. What if the interest rate was higher.....but the loan didn't require payments? Or what if they provided you some cash back at purchase? No fees? Longer term? Consider all elements of the loan and that will help point you in the right direction.