Does anyone have a guide to inputting "interest-only" loans into the FFIEC's APR Tool? I am needing for both multiple advance draw loans with interest-only payments (like construction), and for fully/single advanced interest-only temp loans (like a bridge loan).
I have attempted inputting the latter type of loan and find various ways that could be input, and of course I'm getting error alerts.
The old system used to have a guide that I used...but the new systems doesn't flow the same way.
Thanks in advance.
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All comments are mine & should not be taken as legal advice.