All of our loans must be secured by a first-position lien. If you have a current loan, we can still make you a loan but your current first-position loan must be replaced by One West’s new first-position loan.
16% annual rate interest only – if you have a loan for $130,000 your monthly interest payment would be calculated as follows: $130,000 x 16% / 12 months = $1,733.33 monthly interest-only payment.
6-month interest-only loan term – after 6 months you may renew the loan.
2.5% origination fee – if you borrow $150,000 x 2.5% = $3,750 origination fee.
$750 application fee.
Other fees: you will incur typical closing costs at the time of closing for items such as: recording fees and title insurance policies (purchaser and lender). These are all ordinary closing costs.
No pre-payment penalty.
No appraisal fee.