 Info
Hi,
There would be no cost to the lender, I would arrange for a solicitor to draw up the contract and sign it on my end and pay for the services of a solicitor at their end to have them sign. The P1,600,000 (plus) property deed would be held by their solicitor and would become their property (after the BIR got their share (could be as much as P6000.00) if I was to forfeit on the contract. The contract would be a fixed interest of 9.5% over two years with either a lump sum payment or monthly installments (The lender to decide). Therefore for an outlay of US$10,000,00 the lender would receive 9.5% pa or US$995.00 for a total of US$11990.00 over two years.
I can get a bank loan in about 2 weeks more but while everything else is the same, the interest is 9.99% Plus a P3000 lending fee, and it is going to a bank that would only give me 1% on my money when I transfered it here. |