Here's a summary to review...
Utah 2nd home
$7.5M appraised value
Current loans:
1st hard money lien $3M $30,000 a month payment
2nd hard money lien $417,000 $4,800 a month payment
8 MCA loans $393,015 $6,877 a day X 21 days = $144,417 a month
Current monthly payments: $172,217
Total mortgage and MCA debt $3,763,106
add 5% lender/broker fees: 188,150
Total loan amount $3,951,256
Term sheet @ 9.5% 5/30 5 year fixed, no prepayment penalty
New monthly payment with this loan: $33,224
Current monthly payment $172,217
Monthly saving: $138,993
Additional personal debt of $225,000 to be paid - debtors to be determined.
New loan amount $4.5M
Term sheet for $4.5M up to 60% LTV on $7.5M value
30 year loan at 9.5% fixed for 5 years/amortized 30
No prepayment penalty
New monthly payment with personal debt: $37,838
Back up term sheet for 50% LTV $3.5M based on $7M value
10.49% amortized 30 years
$31,989 a month payment
Prepayment penalty of 5,4,3,2,1 over 5 years.
2% lender fee
1% my buddy source connection fee
2% split between me and referring broker
Steve BenjaminProfessional Business Loans Irvine, CA 92620 SteveProBiz@gmail.com https:/probizloans.net/ 949-228-1050
@STEVE BENJAMIN nice, how long did the whole process take?