Posted by Crissie C. Luckey, J.D. on April 19, 2000 at 03:23:39:
Is anyone interested in buying a note with a 30%+ yield? It will be secured by a 2nd mortgage on my personal residence. Here are the facts:
Property value: $70k
1st mortgage bal: 49K
New 2nd mortgage (for sale): $7k, 25% interest, amortized in 5 years. Monthly payment of $205
I’m asking only $6350 for the note. At that price with the 25% interest rate, it will yield 30% on your investment.
If anyone is interested, please reply ASAP. (BTW, the funds from the sale of the note will be used to finance fix-up on some investment property I own).