Loan Term - Other Costs Calculation
planned
Location:
Flip Analyzer - Loan Terms - Other Costs
Suggestion:
Add ability to calculate 'Other Costs' as a dollar $ amount OR in fractions of a %
Why:
Most hard money lenders will have 'junk fees' that are separate from the rate and points and are usually a fixed dollar amount vs a percentage (appraisal $450, onboarding $500, admin $300, ect)
Tommy Finch
Yeah, it would be great to add a Novation too. So you could show rehab cost, Mortgage payoff estimate, seller's profit and investors profit!! Game Changer!!
Dave Robertson
marked this post as
planned
Hi Dyami, thanks for the feedback! We will add an option to breakdown and itemize your costs as $ amounts as an option in case you want to do that instead of the % of loan amount option.
C
CHDG House
Dave Robertson. Is it possible to add my suggestion which goes along with this one:
Create a Gap funding option that automatically calculates the remaining funds needed to cover holding costs, % of purchase price, and closing costs to be part of loan 2 (or any loan #).
For example, i use hard money for the purchase and rehab and then use private money for any portion of purchase price that is not covered, cover the holding costs, and the closing costs. Right now i can only include those as additional amounts, but that throws the financials off because those three amounts are already figured in the calculations, thus they are now counted twice. Secondly, calculate these three amounts in the report. Thank You