Compare Mortgage Quotes

stabrizian · Joined: 25 Feb 2010 Posts: 1 1.30 Dollars($)

Dear Sirs: I had borowed a construction loan $300,000,00 aginst my property from a individual at 13%I could not refinance and I lost the $2.5 M. property
My friend has sent me this site and tells me there is a 10% limit on the interst in Cal. and the judge rulled aginst the lender. my property was in Wash. DC.
please give some information in this regard.
Thanks Sonny

sara · Posted: Fri Feb 26, 2010 2:25 am Post subject:

Hi stabrizian,

Laws generally differ from one state to another. There is a usury limit as well as a legal rate in every state. The usury limit is the rate which can be charged by one person or another. Suppose, you lend your next door neighbor $ 100.00, the rate stated will be considered as the limit.

There are some states in which you will also find legal rate. In such states, if you have a contractual obligation that provides interest without any specific term, or where the borrower gets interest at the highest legal rate, then the "legal rate" applies.

In District of Columbia, the legal rate of interest is 6% and the general usury limit is in excess of 24%.

Take care

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

interest limit