I got my first payment from Hard Money loan #6 today. I also got copies of the paperwork - mortgage, loan servicing agreement, etc. One thing that is slightly different about this loan is the payment due date and overdue dates. Normally, payments are due on the first of the month and overdue if not received by the 15th. This loan however, has payments due on the 7th of the month and overdue if not received by the 17th. No big deal. Just a bit different. Note that this setup actually gives the borrower less time before a payment is overdue - 10 days versus 15. Not that I expect any late payments.
In reviewing the paperwork, I noticed one other thing different than I mentioned before. I originally said the property was bought at auction for $272,000 and the lender was owed $488,000. Turns out, the lender was owed $524,000. That doesn't really matter, as the important figure is what the house is worth now - which still is around $300,000 to $350,000.
Friday, December 19, 2008
Hard Money #6 Cashflow Day
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2 comments:
Shaun - Just found your blog and started reading it from your first post yesterday (I'm about midway through 2007 right now). I have a quick couple questions for you and I was wondering if you could shoot me an email at nickjacoby@hotmail.com. It would be greatly appreciated (plus, I'll click on a few ads for you!)
On September 3rd, inside the Rio Hotel - Las Vegas we are hosting the largest hard money lenders event this year.
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Go to HardMoney or call 858 736 7788
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