Description
A guy is proposing to buy a home from me for $169,000. He says he is cash short right now, but has durable assets of several kinds including two "collector vehicles, and other collectibles". His landlord said he never missed a rent payment.
He would be looking for a $40,000 second mortgage to use as his down payment. If you lend such money, at what rate? Also, could he pay just interest only for 5 years while he is paying first mortgage off, then make P&I payments after that, with no early payoff penalty.
Discussion
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