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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!
Kirkville, NY has 50 lenders operating within the city. The average note made to borrowers is approximately $330,750. The average rate for hard money loans in Kirkville is 11.5%. The typical note issued in the city is for 21 months. The average loan issued in this city carries a 4.5 point origination charge. 70% is the median loan to value (LTV) for for loans in Kirkville.
South End Lending Group issues a private money bridge loan to Janie for a remodeling project in Kirkville, NY, on a property that is listed for $190,000. Since the lender sets a 55% loan to value, Janie will have to put 45% down so the total amount of the note will be $104,500. The terms of the deal also stipulate a five point origination fee which will be paid at the closing and a 6 month, interest-only note with a 14% rate of interest.
According to the parameters of the note, Janie will be required to pay a $5,225 origination fee plus 45% of the purchase price, or $85,500, based on the 55% LTV. After the deal closes, she will need to pay South End Lending Group $1,219 in monthly interest payments, or 14% multiplied by $104,500 divided by 12 months in a year. If Janie sells the house for $266,000 after 6 months, she would then realize a gross profit of $63,460 after deducting the original principle of $104,500, the money paid at the close of $85,500, the origination points of $5,225, and the total interest payments of $7,315. This gross profit does not include remodeling costs.
Ana takes a hard money bridge loan from Mountain Rock Lending Group in order to rehab a property to re-sell in Kirkville, NY. The deal has the following parameters:
a) A $280,000 purchase price, b) a 80% loan to value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 3% origination fee.
Assuming a $364,000 sales price at the end of the 18 month term, the numbers for the project would look like this:
$364,000 sales price
- $224,000 principle on note (80% LTV)
- $56,000 down payment (20% on 80% LTV)
- $6,720 origination fee (3% of the $224,000 principle)
- $33,600 interest payments (18 months x 10% interest)
-----------------------
= $43,680 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!
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!
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