How to get and how much to pay on $20,000 1 month loan?

3 Replies

The scenario:

I need $20,000 to pay off 403 loan and pull down $50,000.

The $20,000 plus loan fee can be paid off in less than a month after the loan check clears.

The purpose: The balance after the initial loan is paid can fix two properties up to rent out at a total of $1600 a month, and will cover half of the amount owed on one property.

My payment back to the loan would be a total of $800 a month (a $200 difference in what im payin now).

How would i obtain such a loan and what can i expect to pay back for a one month loan if possible?

Sounds like a hard money scenario. How you reached out to any hard money lenders? Or does your bank offer any short term loans?

1) Borrow from a credit card with 3% balance transfer fee at 0% interest.

2) Borrow money from someone you know and pay them back with 1 or 2 points in interest. Win-win for both. Right now, they're earning 0.25% interest in their savings account per annum so earning 1 to 2 points in a month is pretty sweet.

You can try CrowdFunding? Prosper or LendingClub

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