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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!
Dilworth, MN has 29 private money lenders operating within the city. The median note amount is $293,750. Interest rates on loans issued to Dilworth borrowers average about 10.4%. 19 months is the median length for loans offered in this city. The mean points applied to loans is 2.9%. 68% is the average loan to value (LTV) offered for for loans in Dilworth.
Lacey takes a bridge loan from Blue Square Investment Corporation in order to rehab a property to flip in Dilworth, MN. The sales price of the house is $160,000. The terms of the deal include a 80% loan to value (LTV), so she must bring 20% of the price as cash at closing, making the principle loan amount $128,000. The rate on the loan is 14% for a length of 12 months and the lender requires a two point origination fee at the closing. The interest is to be paid on a monthly basis and the principle amount will be paid back after the sale of the property.
In accordance with the terms of the deal, Lacey will need to contribute a $2,560 origination fee plus 20% of the sales price, or $32,000, based on the 80% LTV. she will then pay $1,493 per month to Blue Square Investment Corporation. If Lacey accomplishes her goal of a $208,000 total sales price at the end of the loan term, she would earn a total profit of $27,520 after re-paying the principle on the note and subtracting the cash she contributed at closing, the origination points, and the monthly interest payments.
Mandy locates a townhouse in Dilworth, MN to rehab and sell. Because she does not have enough cash to buy the property outright, she takes a private money bridge loan from All Star Finance Corporation with the following parameters:
a) A $230,000 purchase price, b) a 75% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 5% origination fee.
Mandy plans to list the property when the note expires for $299,000. If she accomplishes her goal, the outcome would be as follows:
$299,000 sales price
- $172,500 principle on note (75% LTV)
- $57,500 down payment (25% on 75% LTV)
- $8,625 origination fee (5% of the $172,500 principle)
- $15,525 interest payments (12 months x 9% interest)
-----------------------
= $44,850 total profit (doesn't include taxes or renovation 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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