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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!
Mexican Springs, NM has 33 hard money bridge lenders offering loans within the city. The mean loan amount is $304,688. Interest rates for private loans average around 10.5%. The mean term offered for loans is 24 months. The mean points charged on loans is 2.8%. The average loan-to-value offered for loans in Mexican Springs is 75%.
Mathew closes on a $320,000 rehab project in Mexican Springs, NM, using a private money bridge loan from East Shore Lending Corporation. The loan to value (LTV) on the loan is 60%. This means Mathew will bring 40% of the purchase price to closing and the principle amount will be $192,000 on the deal. The terms of the deal also stipulate a two point origination fee which will be paid at closing and a 12 month, interest only note with a 11% interest rate.
Therefore, Mathew will have to contribute a $128,000 down payment in addition to paying a $3,840 origination fee. After the loan closes, he will need to pay the lender $1,760 in monthly interest fees, or 11% multiplied by $192,000 divided by 12 months in the year. At the expiration of the note, he sells the rehabed house for $384,000. After subtracting the $21,120 in interest expenses ($1,760 multiplied by 12 months), the $3,840 origination fee, the $192,000 principle amount on the note, and the $128,000 he contributed to closing, he will earn a total profit of $39,040 ($384,000 sales price minus $344,960 in costs). This amount would be reduced by any renovation costs paid out of pocket.
Uptown Finance Group issues a private money bridge loan to Anita for a remodeling project in Mexican Springs, NM. The deal includes the following:
a) A $390,000 sales price, b) a 60% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 1% origination fee.
Once the renovation project is finished, if Anita sells the house for $546,000, the outcome would be as follows:
$546,000 sales price
- $234,000 principle (60% LTV)
- $156,000 down payment (40% on 60% LTV)
- $2,340 origination points (1% of the $234,000 principle)
- $42,120 interest payments (18 months x 12% interest)
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= $111,540 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!
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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