
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
A total of 41 search results for hard money bridge lenders were found in Conklin, MI. In this city, the average loan amount is $302,143. Interest rates on private loans issued to Conklin borrowers average around 10.3%. The mean loan made in this city has a length of 23 months. The mean points charged on the loans is 2.3%. 74% is the mean loan to value (LTV) for offered by lenders in Conklin.
River City Lending Corporation issues a bridge loan to Janie for a renovation project in Conklin, MI, on a property that costs $260,000. The borrower will have to bring 35% of the purchase price in cash to the closing based on a 65% loan to value stipulated by the lending company. This makes the principle amount from River City Lending Corporation $169,000. The loan is interest only, with monthly payments, and is for 12 months at 14% interest with 3 points to be paid at the closing.
Janie must fund a total of $32,400 upon closing to cover the $91,000 down payment plus the $5,070 origination fee. Once the loan is closed and Janie takes over the project, she will have to begin making monthly payments of $1,972 to the lender ($169,000 principle x 14% / 12 months). If Janie achieves her goal of a $377,000 total sales price when the loan term expires, she would make a total profit of $88,270 after re-paying the principle and subtracting the cash she paid at closing, the origination points, and the monthly interest payments.
Hazel is a an investor in Conklin, MI. She locates an older property for a renovation project and takes out a hard money bridge loan from Green Fern Finance Corporation with the following paramters:
$330,000 sales price
65% loan-to-value (LTV)
6 month term
8% rate of interest
4% origination fee
Assuming a $462,000 sales price at the end of the 6 month term, the outcome for the deal would look like this:
$462,000 sales price
- $214,500 principle on note (65% LTV)
- $115,500 cash paid at closing (35% on 65% LTV)
- $8,580 origination points (4% of the $214,500 principle)
- $8,580 interest payments (6 months x 8% interest)
-----------------------
= $114,840 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!
We are personally invested in every loan. We deliver easy transactions that are competitively priced and swiftly executed.
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Layla Capital is a direct lender based in Boca Raton, FL (formerly New York City) that specializes in small to middle market debt opportunities in primary and secondary markets nationwide, with a greater focus on the East Coast and Midwest. ...
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