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The new property is listed for $1,170,000. Cathleen might get rid of the mortgage at any level in time by paying off the $936,000 in precept, however she should pay $10,140 month-to-month interest payments ($936,000 principle x 13% curiosity charge / 12 months) within the meantime, or as much as the purpose the observe expires. Since she can't get a conforming mortgage from a bank, she seems to All American Lending Group for a business hard money mortgage. Because there is no pre-cost penalty, the one further price she will have to pay is the $9,360 origination cost which she will pay when the deal closes. Cathleen owns a enterprise in Davis, CA and desires to buy a brand new office space for her operations. The parameters of the be aware include a 3 yr size, a 13% curiosity fee, and 1 origination factors to be paid by Cathleen on the closing. The extra $234,000 will likely be be paid by Cathleen. Since there's a 80% loan-to-worth (LTV) agreed to by the lender, the precept is $936,000.
