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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!
There are 30 hard money lenders operating in Paia, HI. The median note amount is $291,072. Rates for private loans average around 11.3%. The typical length for notes is 57 months. The average loan made in the city carries a 2.4 percent origination cost. Lenders in Paia average a 73% loan-to-value (LTV) on their deals.
Nancy finds a house in Paia, HI to renovate and re-sell. Since she doesn't have enough cash to purchase the $390,000 house outright, she takes out a hard money bridge loan from All Star Lending Corporation. The borrower will be required to fund 25% of the purchase price in cash to closing based on a 75% loan-to-value set by the lending company. This makes the principle amount from All Star Lending Corporation $292,500. The terms of the loan dictate a 13% note for 18 months. They also stipulate a 3 point origination fee, that will also have to be paid at closing.
Accordingly, Nancy will need to contribute a $97,500 down payment plus pay a $8,775 origination fee. All Star Lending Corporation will collect $3,169 in monthly interest from the borrower. This is computed by taking the full note value of $292,500, multiplying that by the 13% interest rate, and then dividing that amount by 12. If she sells the remodeled house for $585,000 at the end of the 18 month term, her total profit (not accounting for remodeling expenses) would be $129,188. This is computed by taking the sales price ($585,000) and subtracting the original principle ($292,500), the origination cost ($8,775), the money she brought to closing ($97,500), and the total interest payments ($57,038).
Rosemarie is a an investor in Paia, HI. She locates a run-down townhouse for a remodeling project and takes out a private money bridge loan from Oak Hill Investment Group with the following paramters:
a) A $320,000 purchase price, b) a 50% loan to value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 2% origination fee.
Once the rehab project is completed, if Rosemarie sells the property for $400,000, the numbers would be the following:
$400,000 sales price
- $160,000 loan principle (50% LTV)
- $160,000 cash paid at closing (50% on 50% LTV)
- $3,200 origination fee (2% of the $160,000 principle)
- $10,400 interest payments (6 months x 13% interest)
-----------------------
= $66,400 total profit (does not 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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