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With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
There are 31 lenders serving Eldridge, IA. Note amounts average about $290,834. Rates for hard money loans average 10.6%. The average loan issued in the city has a length of 21 months. The mean origination percentage charged on loans is 2.3%. 73% is the typical loan-to-value (LTV) for for loans in Eldridge.
Inez is a house flipper in Eldridge, IA. She finds an older property and wants to renovate it and sell it for a profit. The property has a cost of $170,000 but she doesn't have the full amount so she obtains a bridge loan with East Side Finance Group. The borrower will need to bring 25% of the purchase price in cash to closing based on a 75% loan to value stipulated by the lending company. This makes the loan principle from East Side Finance Group $127,500. The parameters of the loan dictate a 10% note for 6 months. They also require a 1 point origination fee, which will also be paid at closing.
Inez will need to bring $42,500 to closing (25% on the 75% loan-to-value), plus she will have to pay the $1,275 origination fee. The monthly interest only payments will then be $1,063 to the lender. If Inez meets her goal of a $238,000 sales price when the loan term expires, she would make a total profit of $60,350 after re-paying the principle and deducting the cash she brought to closing, the origination fee, and the total monthly interest payments.
Prime Time Funding Group issues a private money bridge loan to Elmer for a renovation project in Eldridge, IA. The loan dictates the following:
a) A $150,000 sales price, b) a 65% loan to value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 4% origination fee.
Assuming a $225,000 sales price at the end of the 18 month term, the outcome for this project would look like the following:
$225,000 sales price
- $97,500 note principle (65% LTV)
- $52,500 down payment (35% on 65% LTV)
- $3,900 origination points (4% of the $97,500 principle amount)
- $14,625 total interest paid (18 months x 10% interest)
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= $56,475 total 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!
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!
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
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