Private Money Lender Question?
I am in the process of securing a private money lender. I am trying to set up a line of credit. Can anyone give me some advice on how to structure the repayment to the lender. I am trying to get 1 million. What is the best way to repay? Should I do it monthly, per deal, quarterly, annually? What is a fair interest rate? Thank you in advance, Vic
Hi MrMark, Thank you for your reply. I am looking to reinstate pre-forclosure loans. My private lender will be in the second position and my exit is to quick turn. Holding the properties 2 months max. Any suggestions on this? Thank you in advance, Vic
What APR is 2-3% a month?
mrmark. I can not read your message. But I was implying that it may be usurious in most states.