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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!
Brighton, MI has 40 bridge lenders operating within the city. In this city, the median loan amount is $293,250. The median rate for private loans in Brighton is 10.2%. The median loan issued in the city has a length of 20 months. The average note includes a 2.6 point origination fee. Lenders in Brighton average a 74% loan to value on their loans.
Jason takes a private money bridge loan from Rising Sun Lending Group in order to remodel a condo to resale in Brighton, MI. The sales price of the property is $350,000. The loan-to-value (LTV) on the note is 70%. This means Jason will need to bring 30% of the purchase price to closing and the principle will be $245,000 on the loan. The loan is interest only, with monthly payments, and is for 6 months at 9% interest with 3 points to be paid at closing.
Accordingly, the borrower will be required to contribute a $105,000 down payment plus pay a $7,350 origination fee. After the deal closes, he will need to pay the lender $1,838 in monthly interest payments, or 9% multiplied times $245,000 divided by 12 months in a year. If Jason sells the house for $472,500 after 6 months, he would make a gross profit of $104,125 after deducting the principle of $245,000, the money paid at closing of $105,000, the origination fee of $7,350, and the total interest payments of $11,025. This profit doesn't account for remodeling costs.
Casey locates a property in Brighton, MI to remodel and resell. Since he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Prosper Lending Corporation with the following parameters:
$280,000 purchase price
70% loan-to-value (LTV)
18 month term
8% interest rate
1% origination fee
After the renovation project is finished, if Casey sells the house for $420,000, the outcome would be the following:
$420,000 sales price
- $196,000 principle on note (70% LTV)
- $84,000 down payment (30% on 70% LTV)
- $1,960 origination points (1% of the $196,000 principle amount)
- $23,520 total interest paid (18 months x 8% interest)
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= $114,520 gross profit (does not include taxes or renovation costs)
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!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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T&M Commercial Funding is an Auburn, ME based private lender who provides loans in 47 states across the US. They provide lending solutions for a variety of situations and needs, including bridge loans and commercial hard money loans. ...
Gelt Financial LLC was founded in 1989 to help both borrowers and brokers finance their real estate. With loan amounts from $100K-$5M on vacant, non-owner occupied, and owner-occupied properties, Gelt Financial funds both purchases and refinances. Additionally, Gelt provides creative ...
LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
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Headquartered in New York, NY, Roc Capital is a lender offering loans all across the United States. They offer fix-and-flip loans, private refinancing, bridge loans, and commercial loans. Their loan guidelines are flexible, including rates starting at 7.49% , loan ...
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