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loan term/non-amortizing features

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  • June 8, 2018 at 11:51 am EDT #12981
    tressa
    Participant

    HMDA reportable business loan – 12 month non-revolving LOC with interest only payments that converts to 59 months principal and interest payments with one balloon payment. Are the data points below correct?

    Loan Term – 72
    Interest Only Payments – 1
    Balloon Payment – 1

    June 12, 2018 at 11:03 am EDT #12994
    jholzknecht
    Keymaster

    It appears the balloon payment is the final payment in the 59-month portion of the loan. If so, then I agree with each of your data points.

    June 12, 2018 at 3:33 pm EDT #12996
    tressa
    Participant

    12 interest payments – then coverts to 59 principal and interest payments – then one final balloon payment at maturity

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