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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!
Fort Hancock, TX has 50 hard money lenders serving the city. The median note amount in the city is $280,500. Interest rates for loans average 11.5%. The mean note issued in this city has a term of 42 months. The average origination percentage added to loans is 2.8%. Lenders offer on average a 68% LTV on hard money loans in Fort Hancock.
Earl closes on a $330,000 renovation project in Fort Hancock, TX, using a hard money bridge loan from Axis Investments. The loan to value (LTV) on the loan is 50%. This means that Earl will bring 50% of the sales price to closing and the principle will be $165,000 on the loan. The parameters of the deal dictate a 12% note for 12 months. They also require a 4 point origination fee, which will also need to be paid when the property closes.
Earl must bring a total of $32,400 upon closing to pay the $165,000 down payment in addition to the $6,600 origination fee. Once the deal is closed and Earl takes the project, he will begin making payments each month of $1,650 to the lender ($165,000 principle x 12% / 12 months). Earl's intention is to finish the renovation by the end of the 12 months and resell it for $429,000. If he succeeds he will make a gross profit of $72,600 ($429,000 sales price - $165,000 principle - $165,000 cash at closing - $6,600 origination points - $19,800 in total interest payments.
Lucy is a real estate investor in Fort Hancock, TX. She buys an older property for a remodeling project and obtains a private money bridge loan from All State Funding Corporation with the following terms:
$250,000 purchase price
70% loan to value (LTV)
12 month term
9% interest rate
3% origination fee
Based on a $300,000 sales price after the 12 month term, the numbers for the project would look like the following:
$300,000 sales price
- $175,000 note principle (70% LTV)
- $75,000 down payment (30% on 70% LTV)
- $5,250 origination fee (3% of the $175,000 principle amount)
- $15,750 interest payments (12 months x 9% interest)
-----------------------
= $29,000 total profit (doesn't include taxes or rehab costs)
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!
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!
The ORIGINAL LENDER of NOT requiring any of the below: NO Application, tax returns, credit check, appraisals, pre-inspection, prepay penalty, upfront fees, survey, bank statements or employment!
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