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Late Fees will be charged to borrower at 1% per day, effective immediately after closing date.
In example:
Late Fees will be charged to borrower at 1% per day, effective immediately after closing date.
In example:
$5,000 borrowed,
$5,000 borrowed,
40% fee: +$2,000
40% fee: +$2,000
= $7,000 due at closing
= $7,000 due at closing
= $70/day late fees due per day, immediately after closing.
= $70/day late fees due per day, immediately after closing.
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