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!
Bridge Loans in Pena Blanca, New Mexico
There are 34 lenders serving Pena Blanca, NM. The average note issued to borrowers is approximately $295,000. Interest rates for loans average about 11.4%. The average term for notes is 24 months. The average note includes a 3.0 point origination fee. Lenders typically offer a 74% loan to value on deals in Pena Blanca.
Loan Example 1
Bettie closes on a $240,000 rehab project in Pena Blanca, NM, using a private money bridge loan from Coastal Finance Corporation. The borrower will need to contribute 35% of the sales price in cash to closing based on a 65% loan-to-value stipulated by the lender. This makes the loan principle from Coastal Finance Corporation $156,000. The interest rate on the loan is 13% for a length of 12 months and the company requires a five point origination fee at closing. The interest payments are to be paid monthly and the principle amount will be paid back after the property sells.
In accordance with the parameters of the loan, Bettie will be required to pay a $7,800 origination fee in addition to 35% of the sales price, or $84,000, based on the 65% LTV. Coastal Finance Corporation will collect $1,690 in monthly interest from the borrower. This is calculated by taking the total loan amount of $156,000, multiplying that by the 13% rate of interest, and then dividing that number by 12. If Bettie achieves her goal of a $336,000 sales price when the loan expires, she would earn a total profit of $67,920 after repaying the principle amount and deducting the money she brought to closing, the origination fee, and the monthly interest payments.
Loan Example 2
West End Funding Company issues a bridge loan to Lawrence for a renovation project in Pena Blanca, NM. The loan includes the following:
a) A $330,000 sales price, b) a 60% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 1% origination fee.
Assuming a $412,500 sales price after the 6 month term, the final numbers for this deal would look like the following:
$412,500 sales price
- $198,000 principle (60% LTV)
- $132,000 cash paid at closing (40% on 60% LTV)
- $1,980 origination points (1% of the $198,000 principle amount)
- $12,870 total interest paid (6 months x 13% interest)
-----------------------
= $67,650 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!
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Red Rock Capital
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Heartland Capital Group
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Primeau Funding
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Riverdale Funding
207 Mockingbird Ln, #402
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