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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!
Lemont, IL has 50 lenders issuing loans in the city. The mean note amount is $306,563. Rates on hard money loans made to Lemont investors average 10.4%. The average loan made in this city has a length of 24 months. The average origination fee for loans is 2.9 percent. The typical LTV for loans in Lemont is 79%.
Margie closes on a $170,000 renovation project in Lemont, IL, using a bridge loan from BCC Lending Company. The loan-to-value (LTV) on the loan is 85%. This means that Margie will have to bring 15% of the purchase price to the closing and the principle will be $144,500 on the loan. The deal also includes the following features: 1) a 12 month length, 2) a 12% interest only note, and 3) a four point origination fee.
By the terms of the note, Margie will need to contribute a $5,780 origination fee plus 15% of the purchase price, or $25,500, since there is a 85% LTV. After the deal is executed and Margie takes over the property, she will have to begin making payments each month of $1,445 to the lender ($144,500 principle x 12% / 12 months). If she sells the rehabed project for $246,500 at the end of the 12 month term, her gross profit (not including renovation costs) would be $53,380. This is computed by taking the sales price ($246,500) and subtracting the principle ($144,500), the origination fee ($5,780), the cash she contributed to closing ($25,500), and the total interest expenses ($17,340).
Harry locates a house in Lemont, IL to renovate and resell. Since he does not have enough cash to buy the property outright, he takes a bridge loan from East Side Investment Corporation with the following parameters:
$390,000 purchase price
75% loan to value (LTV)
6 month term
11% interest rate
3% origination fee
If Harry accomplishes his goal of a $507,000 sales price, the outcome of the deal will be as follows:
$507,000 sales price
- $292,500 principle (75% LTV)
- $97,500 cash paid at closing (25% on 75% LTV)
- $8,775 origination fee (3% of the $292,500 principle amount)
- $16,088 total interest paid (6 months x 11% interest)
-----------------------
= $92,138 gross 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!
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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