Hard Money 1st Mortgage Note, $30,000 bridge loan for a real estate investor, 13 month term, 46% LTV, 15.9% rate! Please consider these details:
Here's the information on our latest 1st Mortgage Note. The loan amount is $30,000, the house appraised for $65,000 after-repair-value, that's 46% LTV. Due to the lack of available lenders real estate investors are willing to pay higher rates, the rate to the Note buyer is 15.9% ($397.50 a month), term is 13 months and 3 points ($900) are paid back to you when funded. Taxes are impounded with mortgage payments through the servicing company, servicing management is provided at no extra cost, we will stay in the middle to make sure everything continues smoothly during the life of the loan.
The borrower has been in real estate for many years as a realtor, loan officer and real estate investor. Credit scores are low due to a title company and prior mortgage discrepancy but the borrower will refinance this loan through a reverse mortgage which does not require credit or income verification. Our borrower purchased this house as an investment and has already spent about $5,000 out of pocket to replace the furnace, plumbing and basement repairs and needs another $8,000 to complete (to be held in fund control).
This house is a 1940 brick bungalow, it is 1,921 sq. ft., 1½ stories with a full basement, 5 bedrooms, 2 baths, it has a fireplace, front porch and a wood deck around the back and a 2 car detached garage located in a very nice area of Detroit, Michigan. The appraisal is available, just call if you're interested. Perfect for your Self-Directed IRA.
Any questions please give me a call or send me an e-mail.
Trent Dalrymple
Director, Investor Relations
Metro Mortgage Investments LLC
26789 Woodward Avenue
Suite 107
Huntington Woods, MI 48070-1334
Office: (248) 547-3006
Toll Free: (877) 854-0602
Cell: (248) 854-0625
Fax: (248) 547-2107
www.Metro-Mi.com
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