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THE BASIC PAYMENT PLAN was designed for real estate investors who need cash now. The points and interest rate are slightly lower than other plans, however, this plan requires a monthly interest payment. The details are as follow: |
| Term: |
One year |
| Loan-to-value: |
Up to 70% of the after-repair-value (ARV). This can include purchase price, repair cost, and closing costs. |
| Interest rate: |
12% on an annual basis or 1.00% per month |
| Monthly payment: |
Monthly interest only payments |
| Points: |
4 Points |
| Closing costs: |
Including points, closing costs average between 9% and 11% of the loan amount |
| Prepayment penalty: |
None |
| Turn around time: |
Two weeks |
All repair funds go to an escrow account established by The Hard Money Depot, Inc. Repair funds are then reimbursed to investors after receipts and/or lien waivers are presented to The Hard Money Depot, Inc. Inspections must be completed to verify these receipts and must be scheduled three days in advance. |
| The Hard Money Depot, Inc. only lends on commercial deals. That is, investors are not permitted to live in a mortgaged property. Properties must be purchased for the sole purpose of investment. The Hard Money Depot, Inc. will not lend on primary residences. |
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