OK, I need some help here with a deal I am working with builder on a SFH property I am selling.
The simple idea I have is to have buyer/builder put 10% down, with monthly payments, followed by full payoff when home built and sold.
-
What is ‘typical’ interest rate to charge on monthly payments? I am thinking 15 -18% giving builder incentive to complete quickly and also maying it worth my while.
-
Is there any ‘Other’ things/charges I should be aware of in possibly doing this? Attorneys will be involved for legal aspects.
Thanks in Advance,
David