what is the minimum rate that a private lender can charge a person?
I have a cusotmer that is lending his child money and he was informed that he had to charge his child at least 6% is this correct? by sssandelin from Sonora, California. Oct 24th 2009
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
I need more info to give you an accurate answer. What are the details of the loan? Is he doing it as second mortgage with another primary lender? A private lender (ie family member) is under no obligation to charge interest at all.
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