
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Flag Pond, TN has 43 hard money lenders operating in the city. Loan amounts average about $299,445. The average interest rate for loans in Flag Pond is 10.3%. 13 months is the average length for notes issued in this city. The average origination percentage added to loans is 3.0%. Lenders in Flag Pond average a 76% loan to value on their deals.
North Star Lending Group issues a private money bridge loan to Jamie for a rehab project in Flag Pond, TN, on a property that costs $290,000. The lender agrees to write a note with a 80% loan-to-value (LTV) so they are willing to extend $232,000 on the property. The parameters of the loan also stipulate a five point origination fee which will be paid at the closing and a 6 month, interest-only note with a 12% interest rate.
In accordance with the parameters of the deal, Jamie will be required to pay a $11,600 origination fee plus 20% of the sales price, or $58,000, based on the 80% LTV. After the loan is closed and Jamie takes the project, she will have to begin making payments each month of $2,320 to the lender ($232,000 principle x 12% / 12 months). If she sells the remodeled project for $391,500 at the end of the 6 month term, her total profit (not including renovation expenses) would be $75,980. This is computed by taking the sales price ($391,500) and subtracting the original principle ($232,000), the origination cost ($11,600), the money she brought to closing ($58,000), and the total interest expenses ($13,920).
All American Funding Corporation issues a private money bridge loan to Sidney for a renovation project in Flag Pond, TN. The deal includes the following:
a) A $390,000 sales price, b) a 55% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 4% origination fee.
Once the rehab project is complete, if Sidney sells the project for $546,000, the numbers would be the following:
$546,000 sales price
- $214,500 principle (55% LTV)
- $175,500 cash paid at closing (45% on 55% LTV)
- $8,580 origination fee (4% of the $214,500 principle amount)
- $8,580 total interest paid (6 months x 8% interest)
-----------------------
= $138,840 total profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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