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OT--OT ARMATIZATION SCHEDULE

L

lenray

Well-known Member
Made a small loan for 20K 6% interest--200 per month. Only made the loan for 14 months. Just need the schedule for the 14 months. I can do it long hand, but am looking for a schedule. 6% interest on the unpaid balance each month.... Thank you
 
tried that--maybe did it wrong.Only want the 14 months at 200 per month and 6% interest..
 
I LOANED a person 20,000.00. The person had over 50,000.00 to put down on a small home. The person being a minor never had any accounts and payments to a bank. The person needs 14 months of being a responsible person who repays a loan to get a bank loan.
20,000.00 loan for 14 months at 6% interest and the payments are 200.00 per month. A very small portion of the 20,000.00 will be paid off in the 14 months..
 
That is what I WAS LOOKING FOR. Did the first three long hand and we agree. One Michigan fella helping another Michigan guy.
Were were going to head out your way this fall and tour the east coast and eat some seafood, but my wife of just shy of 51 years passed with cancer the last of October. Broken heart here.
 
Sorry to hear about your spouse. Must leave a heck of a hole after 51 years.

I'm hoping to get back to Michigan this coming Summer. I have 2 brothers there, one in St. Johns, the other in Mt. Pleasant.
 
Basically what you are doing is setting up a balloon payment at the end of a 14 month period. There are web sites for balloon schedules but at 6% why don't you carry the loan all the way. BUT as a minor, they can WALK AWAY from something legal like that with no parent or guardian consent.
 
"[b:654c4848f0][i:654c4848f0]I am 14 miles north of Mt. Pleasant[/i:654c4848f0][/b:654c4848f0]"

In which state do you live?
 
You need to find away to report the loan (and payments) to the credit agencies. Without it, the private note will not show up on the persons credit report, and probably not make it through the underwriting phase.

If the bank is local, it might be able to bend the rules if it is going to hold the note, however, that is unlikely for a traditional mortgage.
 
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