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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!
A total of 39 records for private money bridge lenders were found in Logandale, NV. The median amount loaned in the city is $364,688. Interest rates on loans issued to Logandale investors average about 10.6%. The typical note issued in this city has a length of 21 months. The average points charged on the loans is 2.4%. The typical loan to value (LTV) for loans in Logandale is 72%.
Staci takes a private money bridge loan from East Shore Finance Corporation in order to remodel a duplex to flip in the Moapa Valley subdivision of Logandale, NV. The price of the house is $290,000. The loan-to-value (LTV) on the loan is 65%. This means that Staci will have to bring 35% of the sales price to closing and the principle will be $188,500 on the loan. The note is interest only, paid monthly, and is for 6 months at 13% interest with 3 origination points to be paid at closing.
On top of the $5,655 origination fee, Staci will also have to fund $101,500 of the purchase with her own funds, or 35% of the sales price. Once the loan closes, she will pay East Shore Finance Corporation $2,042 in monthly interest payments, or 13% multiplied times $188,500 divided by 12 months in a year. At the expiration of the loan, she sells the renovated house for $377,000. After deducting the $12,253 in interest expenses ($2,042 multiplied times 6 months), the $5,655 origination fee, the $188,500 principle on the loan, and the $101,500 she contributed to closing, she will make a total profit of $69,093 ($377,000 sales price minus $307,908 in total costs). This profit would then be reduced by any renovation costs paid by Staci.
Marissa is a an investor in the Moapa Valley area of Logandale, NV. She buys a run-down house for a remodeling project and takes out a private money bridge loan from Green Square Investment Corporation with the following terms:
a) A $150,000 purchase price, b) a 55% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 1% origination fee.
Assuming a $180,000 sales price after the 12 month term, the numbers for this deal would look like this:
$180,000 sales price
- $82,500 loan principle (55% LTV)
- $67,500 cash paid at closing (45% on 55% LTV)
- $825 origination fee (1% of the $82,500 principle amount)
- $9,075 interest payments (12 months x 11% interest)
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= $20,100 gross profit (does not 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!
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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