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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!
Noxapater, MS has 32 private money bridge lenders serving the city. The mean note amount in the city is $299,167. The mean interest rate for hard money loans in Noxapater is 9.7%. 20 months is the mean term for notes issued in this city. The average origination fee for the loans is 2.3 percent. Lenders offer on average a 72% loan-to-value on deals in Noxapater.
Lynda closes on a $180,000 rehab project in Noxapater, MS, using a bridge loan from Cordial Lending Company. The lender agrees to issue a loan with a 60% loan to value (LTV) so they will extend $108,000 on the house. The rate on the note is 13% for a length of 6 months and the company requires a two point origination fee at the closing. The interest payments are to be paid on a monthly basis and the principle will be paid back after the sale of the property.
Lynda will need to bring $72,000 at closing (40% on the 60% LTV), plus she will have to pay the $2,160 origination fee. The monthly interest only payments will then be $1,170 to Cordial Lending Company. If she sells the remodeled house for $270,000 at the end of the 6 month term, her gross profit (not accounting for renovation expenses) would be $80,820. This is calculated by taking the sales price ($270,000) and subtracting the original principle ($108,000), the origination cost ($2,160), the funds she contributed to closing ($72,000), and the total interest payments ($7,020).
Gerald takes out a hard money bridge loan from Rolling Brook Lending Company so he can remodel a house to re-sell in Noxapater, MS. The deal has the following parameters:
$220,000 sales price
55% loan-to-value (LTV)
12 month term
12% interest rate
5% origination fee
Gerald plans to sell the property when the note expires for $330,000. If he succeeds, the deal numbers will be the following:
$330,000 sales price
- $121,000 note principle (55% LTV)
- $99,000 cash paid at closing (45% on 55% LTV)
- $6,050 origination fee (5% of the $121,000 principle amount)
- $14,520 interest payments (12 months x 12% interest)
-----------------------
= $89,430 total profit (doesn't 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!
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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