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Private Lending & Conventional Mortgage Advice

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Jeanne Davis
  • Investor
  • Pinellas County Florida
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Private lending question

Jeanne Davis
  • Investor
  • Pinellas County Florida
Posted Jan 22 2021, 13:22

Lending $60K on buy and hold - Prop value $300 - $325K. 10% interest only $500/month X 6 years.Investor will chip away at prinicpal with balloon at end for balance.Will do promissory note, mortgage, and hold 2nd pos lien after $200k 1st pos. Local investor and property in my area. Investor known to me personally thru REIA groups. Thoughts? I normally lend on fix and flip so I haven't done a longer term like this.

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