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Updated almost 11 years ago on . Most recent reply

User Stats

451
Posts
96
Votes
Timothy Riley
  • Investor
  • Chicago, IL
96
Votes |
451
Posts

How to get and how much to pay on $20,000 1 month loan?

Timothy Riley
  • Investor
  • Chicago, IL
Posted

The scenario:

I need $20,000 to pay off 403 loan and pull down $50,000.

The $20,000 plus loan fee can be paid off in less than a month after the loan check clears.

The purpose: The balance after the initial loan is paid can fix two properties up to rent out at a total of $1600 a month, and will cover half of the amount owed on one property.

My payment back to the loan would be a total of $800 a month (a $200 difference in what im payin now).

How would i obtain such a loan and what can i expect to pay back for a one month loan if possible?

Most Popular Reply

User Stats

486
Posts
170
Votes
Jordan Thibodeau
  • Rental Property Investor
  • San Jose, CA
170
Votes |
486
Posts
Jordan Thibodeau
  • Rental Property Investor
  • San Jose, CA
Replied

Sounds like a hard money scenario. How you reached out to any hard money lenders? Or does your bank offer any short term loans?

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