Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
Bridge Loans in Prairie, Mississippi
Prairie, MS has 31 private money lenders operating in the city. The mean loan issued to borrowers is approximately $289,445. Rates for private loans average around 10.8%. The average loan issued in the city has a term of 18 months. The average points charged on the loans is 2.6%. Lenders in Prairie average a 74% loan to value on their loans.
Loan Example 1
Martin is an investor in Prairie, MS. He finds a run-down property and wants to remodel it and flip it for a profit. The house costs $260,000 but he does not have the full amount so he takes out a private money bridge loan with XYZ Finance Corporation. The loan-to-value (LTV) on the note is 55%. This means that Martin will have to bring 45% of the sales price to the closing and the principle will be $143,000 on the note. The parameters of the loan dictate a 10% note for 18 months. They also require a 4 point origination fee, that will also need to be paid upon closing.
According to the parameters of the deal, Martin will need to contribute a $5,720 origination fee in addition to 45% of the sales price, or $117,000, based on the 55% LTV. The lender will collect $1,192 in monthly interest payments from the borrower. This is calculated by taking the total loan amount of $143,000, multiplying that by the 10% interest rate, and then dividing that amount by 12. At the expiration of the note, he sells the renovated house for $325,000. After subtracting the $21,450 in interest payments ($1,192 multiplied by 18 months), the $5,720 origination fee, the $143,000 principle on the note, and the $117,000 he contributed to the closing, he will make a total profit of $37,830 ($325,000 price minus $287,170 in total costs). This amount would be reduced by any renovation costs paid by the borrow.
Loan Example 2
Big Money Lending Group makes a hard money bridge loan to Minerva for a remodeling project in Prairie, MS. The loan dictates the following:
$360,000 purchase price
85% loan-to-value (LTV)
6 month term
12% interest rate
4% origination fee
Assuming a $522,000 sales price after the 6 month term, the numbers for the project would look like the following:
$522,000 sales price
- $306,000 note principle (85% LTV)
- $54,000 cash paid at closing (15% on 85% LTV)
- $12,240 origination fee (4% of the $306,000 principle amount)
- $18,360 interest payments (6 months x 12% interest)
-----------------------
= $131,400 total 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!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Temple View Capital
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Stratton Equities
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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New Silver
2475 Albany Ave #203B
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Patch Lending
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Angel Oak Prime Bridge
980 Hammond Drive, Suite 850
Atlanta, GA 30328
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Secured Investment Lending
1485 International Parkway, Suite 1031
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Straightline Funding
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Gelt Financial
6401 Congress Ave, Suite 215
Boca Raton, FL 33487
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Park Place Finance
500 West 2nd Suite 1900
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T&M Commercial Funding
259 Minot Ave
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LendingOne
901 Yamato Rd, Suite 150
Boca Raton, FL 33431
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Peak Choice Capital
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Rapid Commercial Loans
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Red Rock Capital
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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Sunset Equity Funding
6125 Washington Blvd, 3rd Floor
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Cherrywood Commercial
20955 Pathfinder Road, Suite 370
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Sharestates
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4445 Corporation Ln Suite 264
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5660 Strand Court
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Lend Some Money
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Primeau Funding
10575 N. 114th St. Suite 103
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Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
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11 Capital Finance
20 West Vine Street #575
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Asset Avenue
1100 Glendon Ave, 18th Floor
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Riverdale Funding
207 Mockingbird Ln, #402
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Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
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