First investment loan default. The saga begins

[Greg Moran]

Investment Info:

Single-family residence private money loan investment in Enid.

Cash invested: $27,600

Contributors:
Matt Mesick

UPDATE: (10/02/2022): Borrower has defaulted on the loan and emailed to say they are unable to pay until the property sells. I checked the listing and it's been on the market since 12 August (50 days), with one price drop. Drawing up "notice to cure" memo with late payment fee schedule now. B-(

Belated Update: (03/07/2022) Borrower reached out asking for an extension so we agreed to a 1.5 Origination Points extension fee and 6 more months at the same interest rate.