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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!
Mc Donald, TN has 43 hard money bridge lenders offering loans within the city. The average loan issued is about $296,875. Rates on loans issued to Mc Donald borrowers average 10.7%. 14 months is the average length for loans made in this city. A typical loan offered in this city carries a 2.8 percent origination charge. 78% is the typical loan-to-value (LTV) offered for for loans in Mc Donald.
Terrance takes a hard money bridge loan from Famous Finance Company in order to renovate a condo to resale in the South Cleveland neighborhood of Mc Donald, TN. The price of the house is $210,000. As the lender sets a 70% loan-to-value, Terrance will have to put 30% down so the amount of the note will be $147,000. The deal also includes these features: 1) a 6 month term, 2) a 12% interest only note, and 3) a three percent origination fee.
Terrance must fund a total of $32,400 up front to pay the $63,000 down payment in addition to the $4,410 origination fee. he will then pay $1,470 per month to Famous Finance Company. At the expiration of the loan, he sells the renovated house for $315,000. After subtracting the $8,820 in interest expenses ($1,470 multiplied times 6 months), the $4,410 origination fee, the $147,000 principle amount on the loan, and the $63,000 he brought to the closing, he will earn a gross profit of $91,770 ($315,000 sales price minus $223,230 in costs). This amount would then be reduced by any rehab costs paid by Terrance.
Byron takes out a hard money bridge loan from Top Notch Investment Group so he can remodel a property to resell in the South Cleveland area of Mc Donald, TN. The deal has the following terms:
$350,000 purchase price
70% loan-to-value (LTV)
12 month term
12% rate of interest
2% origination fee
Once the rehab project is finished, if Byron sells the property for $472,500, the numbers would be as follows:
$472,500 sales price
- $245,000 principle on note (70% LTV)
- $105,000 cash paid at closing (30% on 70% LTV)
- $4,900 origination fee (2% of the $245,000 principle amount)
- $29,400 total interest paid (12 months x 12% interest)
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= $88,200 total 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!
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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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