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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!
Port Angeles, WA has 50 private money bridge lenders operating in the city. Loan amounts average approximately $291,667. Interest rates for hard money loans average 11.2%. The mean note issued in this city is for 14 months. The average hard money loan made in this city includes a 3.1 point origination cost. Lenders typically offer a 74% loan to value (LTV) on hard money loans in Port Angeles.
Edgar finds a house in Port Angeles, WA to renovate and re-sell. Since he doesn't have enough cash available to buy the $220,000 property outright, he decides to take out a bridge loan from Blue Sky Finance Group. The loan-to-value (LTV) on the note is 65%. This means that Edgar will need to bring 35% of the purchase price to the closing and the principle will be $143,000 on the note. The note is interest only, paid monthly, and is for 12 months at 10% interest with 2 points paid at the closing.
According to the parameters of the loan, Edgar will be required to contribute a $2,860 origination fee in addition to 35% of the purchase price, or $77,000, since there is a 65% LTV. he will then pay $1,192 monthly to Blue Sky Finance Group. Edgar's plan is to finish the remodel by the end of the 12 months and re-sell it for $264,000. If he succeeds he will earn a profit of $26,840 ($264,000 sales price - $143,000 principle - $77,000 cash paid at closing - $2,860 origination points - $14,300 in total interest paid.
Russell is a an investor in Port Angeles, WA. He purchases an older property for a remodeling project and obtains a private money bridge loan from Green Square Investment Company with the following paramters:
$250,000 purchase price
50% loan to value (LTV)
12 month term
12% interest rate
2% origination fee
If Russell accomplishes his goal of a $337,500 sales price, the numbers of the project would be as follows:
$337,500 sales price
- $125,000 principle (50% LTV)
- $125,000 down payment (50% on 50% LTV)
- $2,500 origination fee (2% of the $125,000 principle amount)
- $15,000 interest payments (12 months x 12% interest)
-----------------------
= $70,000 gross profit (does not 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!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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!
Temple View Capital is a private lender headquartered in Bethesda, MD. They provide loans in 46 states throughout the US. They provide short-term and long-term fix and flip loans, loans for rental properties, bridge loans, and ground-up new construction loans ...
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Park Place Finance is a nationwide, direct private lender, specializing in Fix and Flip, Bridge, and DSCR loans. With same day approvals and an average 3-5 day close time, Park Place Finance is the business partner you need to get ...
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Center Street Lending is a private lender headquartered in Irvine, CA offering loans throughout the country. We provide hard money loans for business purpose and non-owner occupied residential properties. Fix and flip, buy and hold, rental property loans, bridge and ...
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Layla Capital is a direct lender based in Boca Raton, FL (formerly New York City) that specializes in small to middle market debt opportunities in primary and secondary markets nationwide, with a greater focus on the East Coast and Midwest. ...
Ascent Capital is a Northwest based private portfolio lending company. We have deep roots in the lending industry and take a disciplined approach to every real estate transaction we fund. Ascent is built on high standards, offering fair, ...
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