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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!
There are 35 private money lenders operating in Lonoke, AR. The median note amount is $292,188. Rates for private loans average 10.5%. The median note issued in this city is 23 months in length. The average note includes a 3.0 percent origination charge. 73% is the average loan-to-value offered for for loans in Lonoke.
Dimension Funding Corporation makes a private money bridge loan to Carmela for a remodeling project in Lonoke, AR, on a house that is listed for $200,000. The borrower will need to contribute 15% of the purchase price in cash to the closing based on a 85% loan-to-value stipulated by the lender. This makes the principle note from Dimension Funding Corporation $170,000. The loan is interest only, with monthly payments, and is for 6 months at 14% interest with 1 origination points to be paid when the deal closes.
In accordance with the terms of the loan, Carmela will need to pay a $1,700 origination fee plus 15% of the purchase price, or $30,000, based on the 85% LTV. she will then pay $1,983 per month to Dimension Funding Corporation. At the expiration of the note, she sells the renovated house for $270,000. After deducting the $11,900 in interest payments ($1,983 times 6 months), the $1,700 origination fee, the $170,000 principle on the note, and the $30,000 she contributed to the closing, she will earn a gross profit of $56,400 ($270,000 price minus $213,600 in costs). This amount would then be reduced by any renovation costs paid out of pocket.
Famous Lending Group issues a bridge loan to Tyrone for a renovation project in Lonoke, AR. The deal dictates the following:
$230,000 purchase price
80% loan to value (LTV)
18 month term
13% rate of interest
1% origination fee
If Tyrone achieves his goal of a $345,000 sales price, the outcome of the deal will be the following:
$345,000 sales price
- $184,000 principle (80% LTV)
- $46,000 down payment (20% on 80% LTV)
- $1,840 origination points (1% of the $184,000 principle amount)
- $35,880 interest payments (18 months x 13% interest)
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= $77,280 gross profit (does not include taxes or rehab 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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