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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!
Hensley, AR has 35 private money lenders serving the city. Note amounts average about $300,000. Rates on private loans issued to Hensley investors average about 9.8%. The average loan issued in this city has a term of 21 months. The mean origination fee for loans is 3.0 points. The median loan-to-value for loans in Hensley is 74%.
Lorene is a real estate investor in Hensley, AR. She discovers an run-down property for sale in the East End subdivision and wants to remodel it and resell it for a profit. The property costs $320,000 but she does not have the full amount so she takes out a hard money bridge loan with Cordial Investments. Because the lender sets a 65% loan to value, Lorene will need to put 35% down so the amount of the loan will be $208,000. The loan is interest only, with monthly payments, and is for 18 months at 14% interest with 1 points paid when the deal closes.
According to the parameters of the note, Lorene will need to pay a $2,080 origination fee plus 35% of the sales price, or $112,000, since there is a 65% LTV. she must then pay $2,427 per month to the lender. At the end of the loan, she sells the rehabed property for $464,000. After subtracting the $43,680 in interest expenses ($2,427 times 18 months), the $2,080 origination fee, the $208,000 principle amount on the loan, and the $112,000 she brought to the closing, she will make a gross profit of $98,240 ($464,000 price minus $365,760 in costs). This profit would then be reduced by any renovation costs paid out of pocket.
Jesse is a real estate investor in the East End neighborhood of Hensley, AR. He finds a run-down townhouse for a renovation project and obtains a private money bridge loan from Brown Lending Company with the following features:
a) A $330,000 sales price, b) a 70% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 3% origination fee.
If Jesse succeeds in his goal of a $429,000 sales price, the numbers of the project would be the following:
$429,000 sales price
- $231,000 note principle (70% LTV)
- $99,000 cash paid at closing (30% on 70% LTV)
- $6,930 origination points (3% of the $231,000 principle)
- $48,510 total interest paid (18 months x 14% interest)
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= $43,560 total profit (doesn't include taxes or renovation 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!
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