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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!
Oceanside, NY has 50 hard money bridge lenders offering loans in the city. The median note issued to borrowers is approximately $507,084. Interest rates on loans issued to Oceanside borrowers average 10.3%. The median term for notes is 18 months. A typical hard money loan offered in the city includes a 2.5 point origination fee. Lenders in Oceanside average a 72% loan-to-value on their loans.
GJ Finance Company issues a private money bridge loan to Jana for a remodeling project in the Baldwin Harbor area of Oceanside, NY, on a house that costs $230,000. The borrower will have to fund 40% of the sales price in cash to the closing based on a 60% loan to value set by the lender. This makes the principle note from GJ Finance Company $138,000. The parameters of the loan dictate a 8% note for 12 months. They also require a 2 point origination fee, that will also have to be paid upon closing.
Accordingly, the borrower will need to make a $92,000 down payment in addition to paying a $2,760 origination fee. After the deal is executed and Jana takes on the project, she will need to begin making payments each month of $920 to the lender ($138,000 principle x 8% / 12 months). If she sells the rehabed house for $310,500 at the end of the 12 month term, her total profit (not including remodeling costs) would be $66,700. This is computed by taking the sales price ($310,500) and subtracting the original note amount ($138,000), the origination cost ($2,760), the funds she contributed to closing ($92,000), and the total interest payments ($11,040).
Olga locates a duplex in the Baldwin Harbor area of Oceanside, NY to rehab and resell. Since she does not have enough cash to buy the property outright, she takes a hard money bridge loan from Fair View Investment Company with the following parameters:
a) A $210,000 sales price, b) a 50% loan-to-value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 4% origination fee.
If Olga accomplishes her goal of a $252,000 sales price, the outcome of the project will be as follows:
$252,000 sales price
- $105,000 loan principle (50% LTV)
- $105,000 cash paid at closing (50% on 50% LTV)
- $4,200 origination points (4% of the $105,000 principle amount)
- $18,900 total interest paid (18 months x 12% interest)
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= $18,900 gross profit (doesn't include taxes or renovation 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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