Questions About Financing????????
this is the deal i am buying this property
for $572,000. it was appasied at $575,000. the apparior said it had a hard time getting a good appasial because nothing in the area compared. but they got a few with about 5+ acres less than mine so they wrote in there we used these comparisions and we just have accessive land. witch i plan to develope( another words she said the apraised property is not at its best use).
I got the owner to hold a note in the amount of $242,000, I am getting 65% LTV so I will be getting a hard money loan for $373,750.
330,000.00 To owner
20,000.00 payments in advance on the note
18,000.00+ this is what the lender is saying to closing costs will be and the loan will be @8.9%
i am a builder and i know its a good deal what i will make on the homes i build on it will cover all costs and then a lot more.
what i am wondering are these good numbers for a hard money loan.
thanks
mark <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by markcam on Date 07/13/2003 ]
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