Scenario: Las Vegas property. The current private-investor helped our client, the owner at the time, get out of her “short sale” by stepping in and purchasing the property in short sale and allowing her to remain in the house and make the payments to this “hard money” investor for the last twelve years. Now the investor would like his remaining loan to be paid off ($89K) and has given her 90 days to do so. He is not asking for anything more than the loan to be paid off and he will release back to her. The home is worth now $425K. Looking for approx $100k (the payoff plus costs). She would be put on title of course and then plan to refi in the next 12-24 mos. She can document all the payments being made for the last 10-12 years as well. Makes great income, etc. 600 FICO so doing credit repair to be able to refi in the near future.
I would like to help
What rate range would you be willing to offer her? Interest-only would be best for her as I help her be ready for a refinance in the future. I told her to expect 10-12% I/O range.
What rate range would you be willing to offer her? Interest-only would be best for her as I help her be ready for a refinance in the future. I told her to expect 10-12% I/O range.