For the purpose of this section, the prime rate shall be the average of the prime rates reported by the three largest banks in New York City as of the close of business three business days immediately preceding the date on which the loan or credit sale is made.Alabama legal rate is 6% and most people think that the 2% additional allowed is above that for a total of 8%, but the actual wording seems to say 6% or 2% above the prime rate as defined by the 3 largest NY banks in the three days prior to the singing of the loan.However, it is unclear as to who this applies to when you view section 8-8-5(a) Any person or persons, corporations, trust, general partnership or partnerships, limited partnership or partnerships, or association may agree to pay such rate or rates of interest for the loan or forbearance of money and for any credit sales as such person, corporation, trust, general partnership, limited partnership, or association may determine, notwithstanding any law of this state otherwise prescribing or limiting such rate or rates of interest; provided, that the original principal balance of the loan or forbearance of money or credit sales is not less than $2,000; provided further, that all laws relating to unconscionability in consumer transactions including but not limited to the provisions of Chapter 19 of Title 5, known as the Mini-Code, shall apply to transactions covered by this section.

@Jared York not a lawyer per say just someone that shows up in court on my behalf in order to tell the judge we want the property back for none rent.  

I live in New York.

I make a mental note I get home at about ten pm and pull up the New York local HML listings.

@Matthew WiltseIn New York, you are probably looking at 40% down to make the deal cash flow.  

I'm interested in investing in Newburgh New York they have a revitalization plan going on have anybody tried investing there yet

It is a little depressed in spots, and like much of New York, the properties tend to be quite a bit overpriced compared to rents, and once you factor in property taxes and other costs.It could probably make a very nice place to live, and we almost pulled the trigger on a place there before deciding to move to New Hampshire instead.So why didn't we buy in Saugerties?

Here, and in the center of cities across the United States, a kind of demographic change most often associated with gentrifying parts of New York and Washington has been accelerating......In the frenzy, a real estate agent once told [her] that she wasn’t using her land to its full potential.

My name is Bill and I am from Stormville New York.

Union City and West New York should also provide some options and probably a faster commute for you.