
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
There are 27 private money lenders operating in Lunenburg, VT. The average note amount is $346,875. Interest rates on loans issued to Lunenburg investors average 10.3%. 22 months is the average length for loans issued in this city. The average origination percentage charged for the loans is 2.3%. The mean LTV offered for loans in Lunenburg is 71%.
Ruben takes a private money bridge loan from Rehabbers Lending Corporation in order to remodel a property to flip in Lunenburg, VT. The sales price of the house is $210,000. As the lender sets a 55% loan to value, Ruben will have to put 45% down so the total amount of the note will be $115,500. The parameters of the loan dictate a 8% note for 6 months. They also require a 5 point origination fee, that will also have to be paid when the property closes.
On top of the $5,775 origination fee, Ruben will also need to fund $94,500 of the purchase with his own funds, or 45% of the sales price. Once the loan is closed and Ruben takes over the project, he will begin making payments each month of $770 to Rehabbers Lending Corporation ($115,500 principle x 8% / 12 months). At the expiration of the note, he sells the renovated house for $262,500. After deducting the $4,620 in total interest payments ($770 multiplied times 6 months), the $5,775 origination fee, the $115,500 principle amount on the note, and the $94,500 he brought to closing, he will earn a gross profit of $42,105 ($262,500 sales price minus $220,395 in total costs). This amount would be reduced by any renovation costs paid by the borrow.
Javier locates a townhouse in Lunenburg, VT to rehab and resell. Since he does not have enough cash to buy the property outright, he takes a private money bridge loan from Famous Lending Company with the following parameters:
$400,000 purchase price
75% loan to value (LTV)
6 month term
14% rate of interest
5% origination fee
Once the rehab project is completed, if Javier sells the house for $520,000, the numbers would be as follows:
$520,000 sales price
- $300,000 principle on note (75% LTV)
- $100,000 cash paid at closing (25% on 75% LTV)
- $15,000 origination points (5% of the $300,000 principle)
- $21,000 interest payments (6 months x 14% interest)
-----------------------
= $84,000 gross profit (doesn't 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!
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