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Re: Same loan on LAR twice?

#3192
wp27
Member

The first loan was set up as a 3 year balloon
Second loan was set up as a 1 year balloon
They are on monthly principal and interest payments.
I misunderstood, there is no contractor, the home being purchased is already there, not construction.
The anticipated pay out is the sale of their existing home, but the borrowers felt more comfortable to go ahead an make payments on the loan, rather than interest only.