Subject: HELOC
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Wed, 26 Mar 2014 16:05:15 -0400

See below details on the HELOC from Washington First - the goal is to close next week before you go out of the country.

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The HELOC is for $100,000.
 
I did have to move the rate up due to an exception on the loan to value being above 85% and for the credit score being below 700.  The other requirement is that the Biden’s open a checking account and have the monthly interest payment auto deducted from that account.  I can send the checking account documents along with the HELOC documents.
 
So the rate is Prime + 1.5%, with a floor of 5% (with the checking account or with no checking account it is Prime + 2%, with a floor of 5.5%).  The HELOC does still have no closing costs as long as you keep it open for 3 years.

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
[email-masked]
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