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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!
A total of 50 records for hard money bridge lenders were found in Elfers, FL. Note amounts average about $452,500. The average interest rate for loans in Elfers is 11.1%. The typical note issued in the city has a length of 16 months. A typical loan offered in this city includes a 3.2 point origination charge. 74% is the average LTV offered for for loans in Elfers.
Max closes on a $350,000 rehab project in the Elfers subdivision of Elfers, FL, using a bridge loan from Coastal Funding Corporation. Because the lender sets a 55% loan-to-value, Max will have to put 45% down so the amount of the loan will be $192,500. The rate on the loan is 12% for a length of 12 months and the lender requires a two point origination fee at the close. The interest is to be paid monthly and the principle amount will be paid back after the sale of the property.
Max will need to contribute $157,500 at closing (45% on the 55% loan to value), plus he will need to pay the $3,850 origination fee. After the loan is executed and Max takes over the property, he will begin making monthly payments of $1,925 to the lender ($192,500 principle x 12% / 12 months). At the end of the loan, he sells the rehabed house for $525,000. After subtracting the $23,100 in interest payments ($1,925 times 12 months), the $3,850 origination fee, the $192,500 principle amount on the loan, and the $157,500 he brought to closing, he will make a gross profit of $148,050 ($525,000 sales price minus $376,950 in costs). This amount would be reduced by any building costs paid by the borrow.
Hilary is a real estate investor in the Southeast area of Elfers, FL. She locates an older property for a rehab project and takes out a private money bridge loan from Coastal Funding Company with the following features:
$230,000 sales price
65% loan-to-value (LTV)
12 month term
10% rate of interest
5% origination fee
Hilary plans to list the project when the note expires for $299,000. If she achieves this goal, the final numbers would be the following:
$299,000 sales price
- $149,500 note principle (65% LTV)
- $80,500 down payment (35% on 65% LTV)
- $7,475 origination points (5% of the $149,500 principle)
- $14,950 total interest paid (12 months x 10% interest)
-----------------------
= $46,575 total profit (does not 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!
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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