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Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
Broadview, NM has 34 private money lenders operating within the city. The mean loan made is around $365,625. The mean interest rate for private loans in Broadview is 10.0%. The median note issued in this city is for 29 months. The mean loan includes a 3.0 point origination charge. Lenders typically offer a 78% loan to value on deals in Broadview.
Tom takes a hard money bridge loan from P & J Funding Group in order to remodel a townhouse to flip in Broadview, NM. The list price of the house is $340,000. The terms of the loan include a 50% loan to value (LTV), so he must bring 50% of the price as cash to closing, which makes the principle note amount $170,000. The loan also has the following features: 1) a 6 month term, 2) a 8% interest-only note, and 3) a three point origination charge.
Tom will have to bring $170,000 to closing (50% on the 50% loan to value), plus he will pay the $5,100 origination fee. P & J Funding Group will collect $1,133 in monthly interest payments from the Tom. This is computed by taking the full note amount of $170,000, multiplying by the 8% interest rate, and then dividing that number by 12. If Tom sells the house for $408,000 after 6 months, he would realize a gross profit of $56,100 after deducting the original principle of $170,000, the money contributed at the close of $170,000, the origination fee of $5,100, and the total interest payments of $6,800. This gross profit does not account for building costs.
Jodie takes out a hard money bridge loan from Pretty Perfect Finance Corporation in order to renovate a townhouse to flip in Broadview, NM. The deal has the following terms:
a) A $270,000 sales price, b) a 55% loan to value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 5% origination fee.
Assuming a $364,500 sales price after the 12 month term, the final numbers for this project would look like this:
$364,500 sales price
- $148,500 principle on note (55% LTV)
- $121,500 cash paid at closing (45% on 55% LTV)
- $7,425 origination points (5% of the $148,500 principle)
- $13,365 interest payments (12 months x 9% interest)
-----------------------
= $73,710 gross profit (does not include taxes or rehab costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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!
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