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 Champlin, Minnesota
Champlin, MN has 28 bridge lenders operating in the city. In this city, the mean loan amount is $305,000. Rates on hard money loans issued to Champlin borrowers average about 11.2%. The mean loan made in the city has a length of 23 months. The mean note includes a 2.6 point origination cost. The typical loan to value (LTV) for loans in Champlin is 70%.
Loan Example 1
Marion closes on a $400,000 rehab project in Champlin, MN, using a bridge loan from North Star Lending Corporation. The borrower will be required to contribute 20% of the sales price in cash to the closing based on a 80% loan to value set by the lending company. This makes the principle note from North Star Lending Corporation $320,000. The deal also consists of these features: 1) a 18 month term, 2) a 10% interest only note, and 3) a one percent origination charge.
Marion will need to contribute $80,000 at the closing (20% on the 80% loan to value), plus he will pay the $3,200 origination fee. he must then pay $2,667 per month to North Star Lending Corporation. Marion's plan is to complete the renovation within the 18 months and re-sell it for $540,000. If he succeeds he will earn a total profit of $88,800 ($540,000 price - $320,000 principle - $80,000 cash at closing - $3,200 origination points - $48,000 in total interest payments.
Loan Example 2
Kelly takes a bridge loan from Sunrise Finance in order to renovate a property to re-sell in Champlin, MN. The loan has the following terms:
a) A $180,000 purchase price, b) a 60% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 1% origination fee.
If Kelly accomplishes his goal of a $216,000 sales price, the final numbers of the deal would be the following:
$216,000 sales price
- $108,000 note principle (60% LTV)
- $72,000 down payment (40% on 60% LTV)
- $1,080 origination fee (1% of the $108,000 principle amount)
- $7,020 interest payments (6 months x 13% interest)
-----------------------
= $27,900 gross profit (doesn't include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Temple View Capital
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Stratton Equities
28 Bloomfield Avenue
Pine Brook, NJ 07058
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
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Kiavi
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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New Silver
2475 Albany Ave #203B
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1485 International Parkway, Suite 1031
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TNS Loans
1101 W Mineral Ave. #101
Littleton, CO 80120
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T&M Commercial Funding
259 Minot Ave
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Park Place Finance
500 West 2nd Suite 1900
Austin, TX 78701
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LendingOne
901 Yamato Rd, Suite 150
Boca Raton, FL 33431
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Cherrywood Commercial
20955 Pathfinder Road, Suite 370
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Pine Financial Group
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Sunset Equity Funding
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Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
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REI Capital
5660 Strand Court
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42 Thompson Street, Suite 1A
East Haven, CT 06513
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Primeau Funding
10575 N. 114th St. Suite 103
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Edward Voccola & Co
75 Arlington Street, Suite 500
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Lansdale, PA 19446
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Riverdale Funding
207 Mockingbird Ln, #402
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Source Capital
445 S. Figueroa Street, Suite 3199
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1100 Glendon Ave, 18th Floor
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1010 NE 2nd Ave
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