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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!
Fraser, MI has 40 hard money lenders operating in the city. The average amount for loans is $286,389. Interest rates for hard money loans average 11.1%. The average loan made in this city has a term of 15 months. The mean origination fee charged on the loans is 3.2%. 73% is the mean loan to value offered for offered by lenders in Fraser.
Olive closes on a $300,000 rehab project in Fraser, MI, using a hard money bridge loan from Evergreen Lending. The borrower will need to contribute 20% of the sales price in cash to closing based on a 80% loan to value stipulated by the lender. This makes the loan principle from Evergreen Lending $240,000. The deal also has the following features: 1) a 6 month length, 2) a 8% interest-only note, and 3) a five point origination fee.
The borrower will need to contribute a total of $32,400 upon closing to cover the $60,000 down payment in addition to the $12,000 origination fee. she will then pay $1,600 monthly to the lender. Olive's plan is to complete the rehab by the end of the 6 months and resell it for $435,000. If she succeeds she will make a profit of $113,400 ($435,000 sales price - $240,000 principle - $60,000 cash paid at closing - $12,000 origination points - $9,600 in total interest paid.
Famous Investments makes a hard money bridge loan to Jackie for a rehab project in Fraser, MI. The loan dictates the following:
$220,000 purchase price
60% loan to value (LTV)
18 month term
8% interest rate
4% origination fee
Based on a $330,000 sales price after the 18 month term, the outcome for this project would look like this:
$330,000 sales price
- $132,000 principle (60% LTV)
- $88,000 down payment (40% on 60% LTV)
- $5,280 origination points (4% of the $132,000 principle)
- $15,840 interest payments (18 months x 8% interest)
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= $88,880 gross 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!
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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Gelt Financial LLC was founded in 1989 to help both borrowers and brokers finance their real estate. With loan amounts from $100K-$5M on vacant, non-owner occupied, and owner-occupied properties, Gelt Financial funds both purchases and refinances. Additionally, Gelt provides creative ...
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