I have a property that we paid for in cash, title is in an LLC. We are trying to use a 3rd party to refi the property(good Credit). How can this be done?
we are using an investor to get the mortgage. The problem we are running into is that the property is in an LLC, and at this point the investor is not tied into the property.
You need the third party for his/her creditworthiness? How much do you need out? With substantial equity and a need for less than, say, 60-70%, you may not "need" the third party. Have you checked with the TCI lenders?
[addsig]
mcole...do you have a link to a calculator that you used to determine that, or did you just figure it out the old fashioned way? Can you tell me the formula in case we decide to change the down payment or interest rate?
3rd party - as in, mortgage broker or private investor? What exactly do you mean by third party?
we are using an investor to get the mortgage. The problem we are running into is that the property is in an LLC, and at this point the investor is not tied into the property.
Add the third party on to your llC and he will be able to refi the property out for you.
You need the third party for his/her creditworthiness? How much do you need out? With substantial equity and a need for less than, say, 60-70%, you may not "need" the third party. Have you checked with the TCI lenders?
[addsig]
The 3rd party can be simple a co-signer (additional guarantor for the loan)
If my calculations are correct it would be...
$37,932.65
Make sure your seller is talking amortized and not interest only.
If you google, mortgage calculators you will find lot of calculator and one will probably suit your needs.
I am the seller. Before posting here I spent a couple hours on google looking for the formula, no luck.
mcole...do you have a link to a calculator that you used to determine that, or did you just figure it out the old fashioned way? Can you tell me the formula in case we decide to change the down payment or interest rate?
Appreciate it.
Greetings telegraph,
Sorry, no link. I actually use a fairly extensive spreadsheet analysis program I’ve built over the last few years.
But in the scenario you describe, your fixed payments of $500 are actually higher than they would be if fully amortize over 15 or 30 yrs.
$ 52,500 sales price
$ 5,250 down
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$ 47,250 loan amount at 6%
$ 283.29 per month (amortized over 30 years)
$ 398.72 per month (amortized over 15 years)
Feel free to PM me if you want me to run any other numbers for you. I’d be happy to help.