Private lender AIMLOAN

[Gilbert Foelscher]

Hey BiggerPocket community,

I'm in Canada and I found AIMLOAN. They offered me that:

Please see below for term calculation on the amount $200k

Loan Amount: $200,000.00

Loan Terms: 6 Month

Interest Rate: 8.00%

Repayment Plan: Balloon Payment with Interest

Total Interest Paid: $8,000.02

Cumulative Payment: $208,000.02

Insurance Payment: $3,000.00 (1.5%)

Grace Period: 3 Months

No Prepayment Penalties & Early Payoff

The estimated closing and transaction costs include loan origination fee $2,000 (1.%), loan preparation fees $3,860 and $2,189 costs of lien searches, attorney fee, appraisal fee, etc making total of $8,049.00 which will all be paid at closing or be taken out from the loan amount, while the insurance down payment will be due immediately your loan is approved.

The upfront fee is the insurance payment of $3,000.

While the closing cost $8,049 is paid at closing or rolled into the loan.

My question are has anyone experience with AIMLOAN and does the number makes sense?

It's my first time buying and I want to use the BRRRR strategy.

Thanks already for reading and thanks