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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!
Fairmont, WV has 38 hard money bridge lenders in the city. The median note amount is $299,063. Rates for loans average about 9.7%. The average loan issued in the city is 21 months in length. The mean origination percentage added to loans is 2.6%. Lenders offer on average a 75% loan-to-value (LTV) on loans in Fairmont.
Crystal is an investor in Fairmont, WV. She locates a run-down property and wants to remodel it and sell it for a profit. The house has a cost of $160,000 but she doesn't have the full amount so she takes out a hard money bridge loan with Success Investment Group. The lender agrees to write a loan with a 85% loan to value (LTV) so they will extend $136,000 on the house. The note is interest-only, with monthly payments, and is for 18 months at 14% interest with 3 points paid when the deal closes.
Crystal will have to bring a total of $32,400 up front to cover the $24,000 down payment plus the $4,080 origination fee. The monthly interest-only payments will then total $1,587 to Success Investment Group. If she sells the renovated house for $208,000 at the end of the 18 month term, her total profit (not accounting for rehab expenses) would be $15,360. This is calculated by taking the purchase price ($208,000) and subtracting the principle ($136,000), the origination cost ($4,080), the funds she contributed to closing ($24,000), and the total interest payments ($28,560).
Guy takes out a private money bridge loan from Prosperity Investment Corporation so he can remodel a house to flip in Fairmont, WV. The loan has the following terms:
$260,000 sales price
65% loan to value (LTV)
6 month term
8% interest rate
5% origination fee
If Guy succeeds in his goal of a $377,000 sales price, the numbers of the project will be as follows:
$377,000 sales price
- $169,000 principle (65% LTV)
- $91,000 down payment (35% on 65% LTV)
- $8,450 origination points (5% of the $169,000 principle)
- $6,760 interest payments (6 months x 8% interest)
-----------------------
= $101,790 gross profit (doesn't include taxes or rehab 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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