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After being turned down for conforming mortgage from his credit score union, he applies for a industrial arduous cash mortgage from Inexperienced Fern Lending. If he decides to repay the loan earlier, he might do so without an extra expense as a result of there shouldn't be a pre-fee penalty stipulated by the observe. Francisco can have to put 50% down, or $970,000, as a result of the lender will loan solely 50% of the purchase (the mortgage-to-worth or "LTV"). In response to the specs of the deal, Francisco pays origination points of $29,one hundred when the deal is executed. He will even begin to make payments of $10,508 month-to-month for the duration of the loan and will repay the principle quantity at the expiration of the 5 year mortgage term. This implies the principle amount on the notice is $970,000. The lender moreover requires the following terms of the mortgage: 1) a 13% curiosity rate, 2) a 5 year size with curiosity-solely payments monthly, 3) an origination charge of 3 points paid by Francisco when the deal closes, and 4) no charges for pre-payment. The property costs $1,940,000. To accommodate his business, Francisco needs to purchase a new retail space.