How frequently do I get payments on the loan?
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Today I will be answering yet another question from the private lending faqs. Today’s question is: How frequently do I get payments on the loan?
Here is my answer to our private lenders:
The frequency of your payments is determined by the loan agreement between you as the private lender and us in advance of the loan being made. The agreement is outlined in the note which is prepared by the title company, escrow company or closing attorney.
If we agreed to make monthly payments, you should expect payments to be made monthly.
If we agreed to let the interest accrue and for you to receive a check with the original loan amount plus all interest due at the end of the loan period (or when we sell the property), then you can expect to receive one lump sum payment then.
Until my next post,
James
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