Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago,
Paying interest to my private lender
I have a person interested in lending me money for a flip but she’s never lended money and I have never borrowed from a private lender. I know this is basics but I really don’t know.
So let’s say I borrow $10,000 for 5 months at 10% . Just one payment at the end of the 5 months. How much am I paying her? Is it 11k or 15k? Does the 10% interest accrue monthly? Thank you so much for helping me learn.