All Forum Posts by: Christopher W.

Originally posted by Josh Green:

not quite chris.

you would be charged the points upfront. so you would borrow $100k. pay your 5 points (5k) and would get your 95k. you would then pay 1k a month i/o on the full 100k.

that's how its always been presented to me.

I have a question about this. For HML, if I'm paying the points up front then why wouldn't I just borrow $105K instead, give back the $5K, and then be left with the $100K I wanted originally? Why would I pay the points up front if I could just borrow a little more to cover it? I mean it looks like I'm borrowing money just to give a portion of it back immediately.

I understand now. Thanks a lot guys!

Originally posted by Brian Brady:

In Southern California, I've seen 12% interest-only (rate)and five points (fees) to be typical terms (on the loan amount). Most private money lenders offer 5 year terms

Thanks for the answer. Just so I'm clear lets say I'm loaned 100K (to keep the numbers easy). We agree on 12% interest only, so I owe them 12K/year, or 1K/month. So then the 100K and 5 points would be paid back on the eventual resell/refi? Am I right in this?

As above, it means the property is somewhere in the short sale process. I would call the listing agent to see exactly what is going on. For the bank to look at a short sale, the agent has to have an offer on the table. If there is already an offer then someone will be negotiating with the bank for them to take it. You may have to wait until the bank makes its final decision to take it or not and you may not be able to make an offer. But if there is no offer yet, make one because the property is still available.

So anyway, call the listing agent.

Like the title says, how much do you pay your private lenders? I have seen that 8% - 15% seems like the average.

Now another question - is that 8-15% on the money they lend you or of your final profit?

Congrats Samuel! Good job!

And thanks for your service to our country.

Holy multiple posts Batman!

Oh, and welcome to BP! I think the Californians may take over the Arizonians soon!

Arizonian. Is that even a word?

The chat is still going strong. I have to go, but there are still lots of people in there!

Originally posted by Rich Weese:

ok, so now the time is 4 eastern. I went to explore BP, and then clicked on 4th listing for chat. It showed all chats are at 9 eastern-monday thru friday. I tried to chat and nothing happens. It also said at top I had to install active x. Any help? Rich

Rich, just click on the yellow bar and then click 'Install ActiveX Control'. It takes a few seconds then it should work.

Originally posted by Steve Babiak:

They are automatically made a colleague of yours if they accept the invitation that BP sent them via the referral.

The problem is that Nick has over 300 colleagues. He's a popular guy!