Sample Funding with Interim Interest

Loan Details

• $100,000
• Loan closes on 1/5 with the first payment due on 3/1
• As the PFI, you submit the funding request; the loan funds on 1/10 (prior to expiration)
• Note rate 5.5%
• Agent fee 1.38050%  (premium price)
• PFI owes MPF 21 days (30/360  -  30 - 9 = 21); MPF interest starts on the day of funding
• $100,000 x .0525 (5.50 less 25bps servicing fee) = $5,250.00
• $5,250.00 ÷ 360 = $14.58333
• $14.58333 x 21 = $306.24999 or $306.25

Crunching the Numbers   

$100,000.00  Loan Amount
-        306.25  Interim Interest
+    1,380.50  Agent Fee
-      Any LLPAs                               

$101,074.25 = the net funded amount will be reflected on your funding confirmation