Sat, Jul 04, 2009
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Is This Rehab Loan For Real? |
pserber
51 Posts
Member Since: 06/29/2002
Ramona, CA
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Posted: 17:51 on 07-31-2003
I would like to know if this rehab loan sounds too good to be true.
I am talking to a lender that will lend me the funds to do a rehab. They will lend me, I believe (waiting for final details), 80% of after repar value which should be plenty to cover property and repairs.
Broker to get back to me with points but this is not a hard money or construction loan. Last rate quote I got was 7%. I told them what the laon was for and that it would be very short term, then asked about prepayment penalties and there were none.
Even as I write this it sounds a little crazy. Maybe the points will be high. Then I'd feel better!
Paula S.
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shizah
61 Posts
Member Since: 03/16/2003
Milwaukee, WI
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Posted: 20:43 on 07-31-2003
this sounds like a great deal. Make sure you get a good faith estimate. This will cover all fees associated with doing your loan. If the HUD is different at the closing table get up and walk away.
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