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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!
Chesapeake City, MD has 50 hard money bridge lenders serving the city. Note amounts average approximately $301,786. Rates on hard money loans made to Chesapeake City investors average around 11.6%. 17 months is the average length for loans made in this city. The average loan includes a 2.9 percent origination charge. 69% is the median loan to value (LTV) for for loans in Chesapeake City.
Melissa is an investor in Chesapeake City, MD. She finds a run-down property and wants to remodel it and sell it for a profit. The property costs $400,000 but she doesn't have the full amount so she takes a private money bridge loan with Big City Lending. The terms of the loan include a 85% loan to value (LTV), so she must contribute 15% of the price as cash at closing, making the principle note amount $340,000. The loan is interest-only, with monthly payments, and is for 18 months at 11% interest with 4 origination points paid at the closing.
By the terms of the loan, Melissa will be required to pay a $13,600 origination fee in addition to 15% of the purchase price, or $60,000, based on the 85% LTV. Once the loan is closed and Melissa takes the property, she will have to begin making monthly payments of $3,117 to Big City Lending ($340,000 principle x 11% / 12 months). If Melissa meets her goal of a $580,000 sales price when the loan expires, she would pocket a total profit of $110,300 after re-paying the principle amount and subtracting the cash she brought to closing, the origination points, and the monthly interest payments.
Walter locates a duplex in Chesapeake City, MD to renovate and sell. Since he does not have enough cash to buy the property outright, he takes a private money bridge loan from XYZ Finance with the following parameters:
a) A $250,000 sales price, b) a 70% loan to value (LTV), c) a 6 month term, d) a 12% interest rate, and e) a 3% origination fee.
Based on a $337,500 sales price after the 6 month term, the outcome for the deal would look like this:
$337,500 sales price
- $175,000 principle (70% LTV)
- $75,000 cash paid at closing (30% on 70% LTV)
- $5,250 origination fee (3% of the $175,000 principle)
- $10,500 interest payments (6 months x 12% interest)
-----------------------
= $71,750 gross profit (doesn't 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!
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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Great Jones Capital is hard money lender headquartered in Washington DC. They provide loans throughout Washington DC, Maryland, and Virginia. They offer loans for a variety of scenarios, including fix and flip hard money loans, private ...
Based in Atlanta, GA, Angel Oak Prime Bridge is an asset-based lender offering loans throughout Georgia. They provide loans for many different scenarios, including fix-and-flip hard money loans, short term bridge loans, construction loans, and investment property loans. ...
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LYNK Capital is a fast-growing private lender offering residential renovation, construction, and rental loans. Our team has decades of construction lending experience and we're here to help you through every stage of your project.We lend in: AL, CT, DC, DE, ...
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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 ...
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Aero Capital Finance is a Kissimmee, FL based private lender. They provide loans in 18 states throughout the United States. They offer loans for a variety of scenarios, including private refinancing, fix and flip loans, hard money loans ...
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Trius Lending Partners is a hard money lender in Baltimore, MD providing funding in Maryland, Pennsylvania, Delaware, Washington DC, and Virginia. They provide loans for many different situations and needs, including commercial loans, short term bridge loans, fix ...
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