
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
A total of 50 results for hard money bridge lenders were found in Mcallen, TX. In this city, the mean note amount is $396,250. The mean interest rate for loans in Mcallen is 10.3%. The average term for notes is 24 months. The mean origination for loans is 2.9 percent. The mean loan to value (LTV) for loans in Mcallen is 73%.
Francis closes on a $260,000 rehab project in Mcallen, TX, using a private money bridge loan from Rehabbers Funding. The terms of the note include a 50% loan to value (LTV), so he must contribute 50% of the price as cash at closing, making the principle loan amount $130,000. The interest rate on the note is 9% for a term of 12 months and the lender requires a four point origination fee at the closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the property sells.
Accordingly, Francis will need to contribute a $130,000 down payment plus pay a $5,200 origination fee. The lender will collect $975 in monthly interest payments from the Francis. This is computed by taking the full note amount of $130,000, multiplying that by the 9% rate of interest, and then dividing that number by 12. If Francis accomplishes his goal of a $351,000 sales price when the loan expires, he would make a total profit of $74,100 after repaying the principle amount and deducting the cash he paid at closing, the origination points, and the total monthly interest payments.
Darryl is a an investor in Mcallen, TX. He purchases a run-down house for a renovation project and takes out a hard money bridge loan from Dynamic Funding Corporation with the following features:
a) A $240,000 purchase price, b) a 85% loan-to-value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 2% origination fee.
Assuming a $312,000 sales price at the end of the 12 month term, the numbers for the deal would look like the following:
$312,000 sales price
- $204,000 note principle (85% LTV)
- $36,000 cash paid at closing (15% on 85% LTV)
- $4,080 origination fee (2% of the $204,000 principle)
- $20,400 interest payments (12 months x 10% interest)
-----------------------
= $47,520 gross profit (does not include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
The ORIGINAL LENDER of NOT requiring any of the below: NO Application, tax returns, credit check, appraisals, pre-inspection, prepay penalty, upfront fees, survey, bank statements or employment!
We are personally invested in every loan. We deliver easy transactions that are competitively priced and swiftly executed.
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