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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!
Macdoel, CA has 50 private money bridge lenders serving the city. In this city, the median amount for loans is $365,250. The median rate for hard money loans in Macdoel is 10.8%. 16 months is the median term for loans issued in the city. The average loan issued in this city includes a 2.8 point origination fee. Lenders in Macdoel average a 72% loan to value on their loans.
Clinton closes on a $180,000 rehab project in Macdoel, CA, using a private money bridge loan from Red Oak Funding Group. The loan to value (LTV) on the note is 65%. This means that Clinton will have to bring 35% of the sales price to the closing and the principle amount will be $117,000 on the note. The interest rate on the note is 11% for a term of 18 months and the company requires a one point origination fee at the close. The interest payments are to be paid on a monthly basis and the principle will be repaid after the property sells.
The borrower will have to contribute a total of $32,400 up front to cover the $63,000 down payment in addition to the $1,170 origination fee. The lender will collect $1,073 in monthly interest from the borrower. This is calculated by taking the full note value of $117,000, multiplying by the 11% interest rate, and then dividing that number by 12. If Clinton meets his goal of a $234,000 total sales price when the loan term expires, he would make a total profit of $33,525 after re-paying the principle and subtracting the cash he brought to closing, the origination points, and the total interest payments.
Blue Sky Lending Group issues a private money bridge loan to Leon for a rehab project in Macdoel, CA. The loan dictates the following:
$320,000 purchase price
80% loan-to-value (LTV)
12 month term
11% rate of interest
1% origination fee
After the renovation project is finished, if Leon sells the project for $464,000, the final numbers would be as follows:
$464,000 sales price
- $256,000 note principle (80% LTV)
- $64,000 down payment (20% on 80% LTV)
- $2,560 origination points (1% of the $256,000 principle amount)
- $28,160 interest payments (12 months x 11% interest)
-----------------------
= $113,280 gross profit (does not include taxes or renovation costs)
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!
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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