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Francisco will have to place 50% down, or $970,000, because the lender will loan only 50% of the purchase (the mortgage-to-worth or "LTV"). In response to the specs of the deal, Francisco pays origination points of $29,100 when the deal is executed. He can even start to make funds of $10,508 monthly at some stage in the mortgage and can repay the principle amount on the expiration of the 5 12 months mortgage time period. This implies the precept quantity on the notice is $970,000. The lender moreover requires the next terms of the loan: 1) a 13% interest charge, 2) a 5 12 months size with interest-solely funds month-to-month, 3) an origination charge of three points paid by Francisco when the deal closes, and 4) no fees for pre-payment. The property costs $1,940,000. To accommodate his enterprise, Francisco needs to buy a brand new retail house.<br>
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Version du 20 septembre 2021 à 16:42


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