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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!
Dania, FL has 50 private money lenders serving the city. Note amounts average about $318,269. Rates for loans average about 11.4%. 21 months is the mean term for loans offered in the city. The average note includes a 2.4 percent origination charge. Lenders in Dania average a 68% loan-to-value (LTV) on their deals.
Philip is a house flipper in Dania, FL. He discovers an older property for sale in the Oakridge subdivision and wants to renovate it and re-sell it for a profit. The property costs $340,000 but he doesn't have the full amount so he takes a bridge loan with Blue Sky Investments. The lender agrees to issue a note with a 75% loan to value (LTV) so they are willing to extend $255,000 on the property. The parameters of the loan dictate a 14% note for 18 months. They also require a 1 point origination fee, that will also have to be paid at closing.
Philip will need to contribute a total of $32,400 up front to pay the $85,000 down payment in addition to the $2,550 origination fee. After the loan is closed and Philip takes over the property, he will need to begin making payments each month of $2,975 to the lender ($255,000 principle x 14% / 12 months). Assuming he sells the rehabed project for $408,000 at the end of the 18 month term, his gross profit (not accounting for remodeling expenses) would be $11,900. This is calculated by taking the purchase price ($408,000) and subtracting the principle ($255,000), the origination fee ($2,550), the money he contributed to closing ($85,000), and the total interest expenses ($53,550).
South Shore Funding Corporation issues a bridge loan to Hugh for a renovation project in the Mapleridge neighborhood of Dania, FL. The deal dictates the following:
$220,000 sales price
55% loan to value (LTV)
12 month term
9% interest rate
2% origination fee
If Hugh accomplishes his goal of a $264,000 sales price, the outcome of the deal would be as follows:
$264,000 sales price
- $121,000 principle (55% LTV)
- $99,000 cash paid at closing (45% on 55% LTV)
- $2,420 origination fee (2% of the $121,000 principle)
- $10,890 interest payments (12 months x 9% interest)
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= $30,690 gross profit (doesn't 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!
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