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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!
Mahopac, NY has 50 hard money bridge lenders serving the city. The average loan amount is $303,572. The average interest rate for hard money loans in Mahopac is 11.9%. The median loan issued in this city is for 21 months. The mean origination fee charged on loans is 3.2%. Lenders in Mahopac average a 72% loan to value on their deals.
Downtown Lending Corporation issues a bridge loan to Callie for a rehab project in Mahopac, NY, on a house that costs $180,000. The loan to value (LTV) on the note is 60%. This means that Callie will need to bring 40% of the purchase price to the closing and the principle will be $108,000 on the deal. The note is interest-only, with monthly payments, and is for 6 months at 12% interest with 5 origination points to be paid at the closing.
Accordingly, Callie will need to contribute a $72,000 down payment plus pay a $5,400 origination fee. she will then pay $1,080 per month to Downtown Lending Corporation. If Callie sells the house for $261,000 after 6 months, she would then earn a total profit of $69,120 after deducting the principle amount of $108,000, the money contributed at closing of $72,000, the origination fee of $5,400, and the aggregate interest payments of $6,480. This amount does not include remodeling costs.
Lela takes a private money bridge loan from Prosper Funding in order to rehab a property to re-sell in Mahopac, NY. The loan has the following terms:
$150,000 purchase price
50% loan-to-value (LTV)
6 month term
11% rate of interest
3% origination fee
Once the renovation project is complete, if Lela sells the project for $225,000, the final numbers would be the following:
$225,000 sales price
- $75,000 note principle (50% LTV)
- $75,000 cash paid at closing (50% on 50% LTV)
- $2,250 origination points (3% of the $75,000 principle)
- $4,125 total interest paid (6 months x 11% interest)
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= $68,625 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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Park Place Finance is a nationwide, direct private lender, specializing in Fix and Flip, Bridge, and DSCR loans. With same day approvals and an average 3-5 day close time, Park Place Finance is the business partner you need to get ...
Sharestates is a private, hard money lender in 46 states across the US. We offer financing solutions for a variety of needs and situations, including hard money loans for commercial properties, residential fix and flips, ground up construction, and long ...
Rehab Financial Group is hard money lender based in Rosemont, PA. They offer loans in 15 states across the US. They offer lending solutions for a variety of scenarios, including fix and flip loans, short term loans, ...
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