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After being turned down for conforming mortgage from his credit score union, he applies for a industrial laborious cash loan from Green Fern Lending. If he decides to pay off the mortgage earlier, he may accomplish that with out an additional expense because there is just not a pre-fee penalty stipulated by the notice. Francisco will have to put 50% down, or $970,000, as a result of the lender will loan solely 50% of the acquisition (the mortgage-to-worth or "LTV"). In response to the specs of the deal, Francisco can pay origination points of $29,100 when the deal is executed. He will even start to make funds of $10,508 month-to-month throughout the loan and can repay the principle quantity at the expiration of the 5 12 months loan term. This implies the principle quantity on the word is $970,000. The lender additionally requires the next phrases of the mortgage: 1) a 13% curiosity fee, 2) a 5 yr length with interest-solely payments month-to-month, 3) an origination fee 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 wants to purchase a brand new retail area.