RMLO San Antonio? Owner finance terms?

[Jaime Garza]

Looking for a RMLO in San Antonio to set up owner financing loan, can anyone reco one?

Also, if someone can provide input on going owner finance terms that  would be great. I initially offered 10% down and 10% interest. Someone countered with 10% down and 8% interest. Wondering what the market around SA is going for owner financing.

[Boyd McClean]

These are all good suggestions. Depending on your needs you could split the loan into 2 notes. Example $70K loan divide into 1st @ $35k and second @ $35K. After a little seasoning sell the 1st at par and hold the 2nd in an IRA or for future use as collateral for a private loan. It is best to have an MLO do the loan as it adds credibility when selling note and asking par.

If you are going to sell the 1st half look for someone with an IRA. There are many ways of doing that. I will tell you this as of April 2018 there were 385 real estate deals run through Quest IRA in Texas. All of this is public information.

Another alternative create the note and then hypothecate  https://www.investopedia.com/terms/h/hypothecation.asp.

Have a plan A & B depending on your needs and exit strategy.