· Amount to be financed is $140,000.00
· Loan to value of approximately 50% (at the time of out last refinance in 2005, the property was appraised at $280,000.00)
· Interest rate to be 8%
· Owner has excellent credit and perfect payment history on this property with two different lenders
· The building is and has been owner – occupied since purchase in 1997
· Investor would be the first lien holder
· All property taxes are current
· The building is fully insured through State Farm Insurance Company, continued coverage would be a condition of the loan
· Investor/lender would receive 84 monthly payments of $1027.27 and at end of the 7 year period would receive a lump sum pay – off of $131,355.41
We currently have an adjustable rate mortgage with a short amortization and therefore higher monthly payments than we would prefer. In this tight credit market we feel that it would be easier for us and possibly beneficial to a private individual if we can borrow without using a financial institution.
Please contact Bret at 303-564-1008.
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