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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!
Lovington, NM has 33 lenders operating in the city. The average amount loaned is $351,389. Interest rates for loans average around 9.6%. The median length offered for loans is 21 months. The mean origination fee charged for loans is 3.0%. 78% is the mean loan to value offered for offered by lenders in Lovington.
Jay is a real estate investor in Lovington, NM. He discovers an older property for sale and wants to remodel it and flip it for a profit. The house costs $360,000 but he does not have the full amount so he takes out a hard money bridge loan with Superior Lending Group. Because the lender sets a 60% loan-to-value, Jay will be required to put 40% down so the total amount of the note will be $216,000. The note is interest-only, with monthly payments, and is for 12 months at 9% interest with 5 points to be paid at closing.
Therefore, Jay will be required to make a $144,000 down payment plus pay a $10,800 origination fee. The monthly interest-only payments will then be $1,620 to the lender. Jay's plan is to finish the renovation within the 12 months and resell it for $432,000. If he succeeds he will earn a profit of $41,760 ($432,000 sales price - $216,000 principle - $144,000 funds brough to closing - $10,800 origination points - $19,440 in interest.
Success Lending Corporation makes a bridge loan to Tracey for a rehab project in Lovington, NM. The deal includes the following:
a) A $150,000 purchase price, b) a 50% loan to value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 3% origination fee.
Based on a $225,000 sales price after the 18 month term, the numbers for the project would look like this:
$225,000 sales price
- $75,000 principle (50% LTV)
- $75,000 down payment (50% on 50% LTV)
- $2,250 origination points (3% of the $75,000 principle amount)
- $12,375 total interest paid (18 months x 11% interest)
-----------------------
= $60,375 total profit (does not include taxes or renovation 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!
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