Help me analyze - Have I accounted for the Hard money correctly?

Help me analyze - Have I accounted for the Hard money correctly?

Logan, UT · Member since 2018 · 44 posts · 20 votes

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I want to make sure I have accounted for the hard money correctly. 

Hard money terms are:

The will give me 70% of purchase price

12% interest for 6 month term

2% fee ( i think this is financed into the loan)

Where do I account for these fees in the calculator?

1Reply
7 views

1 Reply

Jump to latestLatest
  • Lender · Charlotte, NC · Member since 2017 · 131 posts · 59 votes
    7y

    @Justin Munk I took a look at your report and it seems that you have this listed as a refinance at a 4.25%. There is a lot of option available here but may be a lot to complete review via forum post; however, the cost goes under 'Purchasing Closing Cost.'

    There are plenty of lenders out there who can give you a more thorough breakdown of cost. Typically, those who withhold data tend to not be the best to work with. I have seen an uptick in people claiming to be lenders but are not. If you would like you can PM me to connect and I will gladly share more details with you. Lastly, you should be able to get significantly better terms than 70% LTP even if you are a first time flipper. 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.