All Forum Posts by: Susan Moscaritolo
Susan Moscaritolo has started 1 posts and replied 1 times.
Post: Really unclear on the nuances of refinancing - can someone walk me through?
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Hi - first time investor, naturally. I have a property that I want to refinance from a hard money loan to a longer loan. Here's my questions:
- why is it that the hard money loan, on which I paid interest-only, is now higher than when I got it? I've been paying the interest, so...?
- the loan company sent a term sheet to me based on my appraisal guesstimate. This makes no sense. I am not a professional appraiser, of course I think it's worth more. They assured me this is standard practice 'to get the ball rolling' before they sent an appraiser. Is this how it's done?
- they also wanted my credit score, so that I could give a personal guarantee on the business loan. Again, they claim this is standard practice. Is it?
Actually, I could use someone to do a line item explanation of what they sent. Anyone available?
Thanks!