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Updated about 4 years ago on . Most recent reply

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Sam Louie
  • Real Estate Broker
  • Seattle, WA
0
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3
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How Much to offer my co signer (Close Family Member)

Sam Louie
  • Real Estate Broker
  • Seattle, WA
Posted

I am asking a family member to co sign on a construction loan for 1 year. This family member will not be providing any funds, they are just offering their qualifying income to me.

What type of percentage should I be offering them upon closing?

The construction loan will be for roughly $168k. With a profit margin of $130K after sale and fees but before taxes.

My only out of pocket costs include:

-Construction loan DP ($5000)

-Permits and Utilities ($~6000)

Let me know if you need more details! Any insight is appreciated

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Nicholas Field
  • Investor
  • Las Vegas & British Columbia
21
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96
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Nicholas Field
  • Investor
  • Las Vegas & British Columbia
Replied

Up to 3% guarantee fee is common in the industry. 

They guarantee $500k  you pay $15,000 to them. 

Up it for family. 

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