solutions06
15 Posts |
 Posted - 01/15/2008 : 09:45:37 AM
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This is the note from my client:
Here are the details:
* Location - Puerto Vallarta, Mexico
* Property - 4 Bedroom Home in Prime Alta Vista location
* No Appraisal -- it is not common to do appraisals in Mexico. People generally just base it on estimated value relative to the area and other properties.
* Price - $640,000.00
* I have put 10% down on it, plus will pay an estimated $15,000 in closing costs (this includes a sizeable tax)
* I need to close this by the end of the month.
Most conventional lenders that work with Mexico will require 20-30% down and a better credit rating than I have, plus they're not all that crazy about the document approach that we have used before. That's why I went the private lender route. I am exploring other ones now, but thought you might have some contacts.
Terms I would be agreeable to:
* $10,000 fee to you
* 10-12% interest rate
* up to 2 points, depending on interest rate
* I'll pay the 10% I've put down already and closing costs
* 2-10 year term, with no penalty for pre-payment after 2 years.
I need to move very fast on this. Let me know if you have any interest or contacts.
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