Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
Bridge Loans in Belgrade, Maine
Belgrade, ME has 39 hard money bridge lenders in the city. The median note amount is $297,500. Rates for loans average about 12.1%. The average loan issued in the city is 18 months in length. The mean origination percentage added to loans is 3.0%. Lenders offer on average a 73% loan-to-value (LTV) on loans in Belgrade.
Loan Example 1
Lana is an investor in Belgrade, ME. She finds a run-down property for sale and wants to rehab it and flip it for a profit. The property has a cost of $250,000 but she does not have the full amount so she obtains a hard money bridge loan with South Star Finance. Because the lender agrees to a 75% loan-to-value, Lana will need to put 25% down so the amount of the note will be $187,500. The terms of the loan dictate a 13% note for 12 months. They also stipulate a 3 point origination fee, that will also have to be paid when the property closes.
In accordance with the terms of the note, Lana will be required to contribute a $5,625 origination fee plus 25% of the sales price, or $62,500, since there is a 75% LTV. After the deal is closed and Lana takes on the project, she will begin making monthly payments of $2,031 to South Star Finance ($187,500 principle x 13% / 12 months). If she sells the renovated project for $312,500 at the end of the 12 month term, her total profit (not including remodeling expenses) would be $32,500. This is calculated by taking the sales price ($312,500) and subtracting the original note amount ($187,500), the origination fee ($5,625), the money she contributed to closing ($62,500), and the total interest payments ($24,375).
Loan Example 2
Alana is a real estate investor in Belgrade, ME. She finds an older townhouse for a rehab project and obtains a bridge loan from All American Investment Group with the following terms:
a) A $360,000 sales price, b) a 70% loan to value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 3% origination fee.
If Alana succeeds in her goal of a $486,000 sales price, the final numbers of the project would be as follows:
$486,000 sales price
- $252,000 principle on note (70% LTV)
- $108,000 down payment (30% on 70% LTV)
- $7,560 origination fee (3% of the $252,000 principle)
- $35,280 total interest paid (12 months x 14% interest)
-----------------------
= $83,160 total profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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Anchor Loans
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Harbor Private Equity
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Stormfield Capital
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LendingOne
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T&M Commercial Funding
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Gelt Financial
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Peak Choice Capital
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Sharestates
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Primeau Funding
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75 Arlington Street, Suite 500
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155 Federal Street, Suite 1300
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138 River Rd
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Wallace Capital
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Riverdale Funding
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396 Washington Street, Suite 225
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