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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!
Ririe, ID has 43 private money lenders issuing loans in the city. The average amount loaned in this city is $352,143. The average interest rate for hard money loans in Ririe is 10.7%. The typical loan issued in the city is 19 months in length. The mean note includes a 3.8 point origination fee. The average loan-to-value (LTV) for loans in Ririe is 70%.
Forest Grove Investments makes a hard money bridge loan to Henry for a renovation project in Ririe, ID, on a property that costs $390,000. The lender agrees to issue a loan with a 55% loan-to-value (LTV) so they will loan $214,500 on the property. The rate on the loan is 12% for a length of 6 months and the company requires a three point origination fee at closing. The interest is to be paid on a monthly basis and the principle will be paid back after the sale of the property.
On top of the $6,435 origination fee, Henry will also fund $175,500 of the purchase with his own cash, or 45% of the purchase price. he must then pay $2,145 per month to the lender. If he sells the renovated project for $546,000 at the end of the 6 month term, his gross profit (not including remodeling costs) would be $136,695. This is computed by taking the sales price ($546,000) and subtracting the principle ($214,500), the origination fee ($6,435), the funds he contributed to closing ($175,500), and the total interest payments ($12,870).
Carl is a an investor in Ririe, ID. He finds an older property for a rehab project and takes a hard money bridge loan from All American Investment Group with the following terms:
$200,000 purchase price
65% loan to value (LTV)
12 month term
11% interest rate
5% origination fee
Assuming a $290,000 sales price after the 12 month term, the outcome for the deal would look like this:
$290,000 sales price
- $130,000 note principle (65% LTV)
- $70,000 cash paid at closing (35% on 65% LTV)
- $6,500 origination fee (5% of the $130,000 principle)
- $14,300 interest payments (12 months x 11% interest)
-----------------------
= $69,200 total 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!
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!
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!
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