Posted by DavidV on February 27, 2001 at 18:24:52:
I think most people want the wrap note to be at least as long as the underlying note. If you’re already locked in to doing an 8 year note you may want to pay extra principal so you’re not paying on your loan for 3 years with no income coming in. A 15 or 30 year might be nice, everything after 11 years is gravy. I think you still have your terminology upside down. If you do a 48k loan to your buyer that is a first for him. If he then went out and got a 5k loan on top of that to fix up his house that would be a 2nd. Or maybe i’m just delerious from too much creonline.