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All Forum Posts by: Grigori Lopezgarcia

Grigori Lopezgarcia has started 1 posts and replied 4 times.

Private Lending & Conventional Mortgage Advice

Post: How do I pay back a private money lender

Grigori LopezgarciaPosted
  • Investor
  • Newark, DE
  • Posts 5
  • Votes 0
Originally posted by @Brent Coombs:

@Grigori Lopezgarcia, will the rental still give you positive cash flow, even at 10% interest?

If so (and if it's a "deal", it should), then that's how you can start paying back the Lender!

But if you want to pay out your private Lender in one go, asap, you'd need a conventional Lender to determine that you have at least 25% equity of your own in the property. Welcome to BP...

 Yes sir, its a pretty good deal. My original plan was to have a home equity loan from a conventional lender to pay the private lender. Mind you the private lender is lending me approximately 75% of the price of the house. So I don't think that 10% would be that bad. What is your advise on repaying a private lender?

0 Votes
Private Lending & Conventional Mortgage Advice

Post: How do I pay back a private money lender

Grigori LopezgarciaPosted
  • Investor
  • Newark, DE
  • Posts 5
  • Votes 0
Originally posted by @Harjeet Bhatti:

You can refinance with rate and term any time when the property will be in livable condition. If you want to cash out you have to wait 6 month.

 So you can refinance even though you don't have a loan on the property?

0 Votes
Private Lending & Conventional Mortgage Advice

Post: How do I pay back a private money lender

Grigori LopezgarciaPosted
  • Investor
  • Newark, DE
  • Posts 5
  • Votes 0

So I am looking to raise capital to purchase a new rental property, and I have a private money lender that is willing to loan me the amount I need to purchase the property in exchange for a 10% interest.

What are the ways to pay back this private lender?

After I buy the house and get a tenant in there, can I take out a home equity loan to pay him? refinance? etc?

thanks!

0 Votes