Metro Mortgage Investments LLC has a new 1st Mortgage Note available for sale. We are a Michigan licensed mortgage lender, originating, processing, underwriting and selling short term investor bridge-loans on houses in and around Detroit, self-directed IRA's are welcome. Our latest 1st mortgage Note that's available is $90,000, the house is 5,034 sq. ft., 4 bedrooms, 4.5 baths, 4 car garage, built in 2006 in a gated community and recently appraised for $195,000, that's 46% LTV on the CURRENT VALUE. Along with our 1st mortgage our borrower brought in $73,000 cash to close on this purchase, middle credit score 700.
Due to the lack of available lenders, real estate investors are willing to pay higher rates. The rate to the Note buyer on this Note is 15.9% ($1,192.50 a month, interest only payments), term is 13 months and 3 points ($2,700) 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.
For more information call Trent Dalrymple at Metro Mortgage Investments, at (248) 547-3006 or my cell phone, at (248) 854-0625, or e-mail, at Trent@Metro-Mi.com.
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