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The new property is listed for $1,170,000. Cathleen may remove the loan at any point in time by paying off the $936,000 in precept, but she will have to pay $10,140 month-to-month interest funds ($936,000 precept x 13% curiosity price / 12 months) within the meantime, or as much as the point the word expires. Since she cannot get a conforming mortgage from a bank, she seems to All American Lending Group for a business arduous money mortgage. Because there isn't any pre-payment penalty, the one further price she will have to pay is the $9,360 origination price which she pays when the deal closes. Cathleen owns a enterprise in Davis, CA and needs to purchase a brand new workplace space for her operations. The parameters of the note include a 3 yr length, a 13% curiosity charge, and 1 origination points to be paid by Cathleen on the closing. The additional $234,000 will probably be be paid by Cathleen. Since there is a 80% mortgage-to-worth (LTV) agreed to by the lender, the principle is $936,000.