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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!
Far Rockaway, NY has 50 private money bridge lenders offering loans within the city. Note amounts average around $553,000. The average rate for private loans in Far Rockaway is 10.1%. The typical length for notes is 18 months. The average loan offered in the city carries a 2.2 point origination fee. The median loan to value for loans in Far Rockaway is 72%.
Cara takes a hard money bridge loan from Mountain Rock Lending Corporation in order to rehab a townhouse to resale in the Far Rockaway subdivision of Far Rockaway, NY. The price of the house is $270,000. The terms of the deal include a 50% loan-to-value (LTV), so she must contribute 50% of the price as cash to closing, which makes the principle loan amount $135,000. The parameters of the note also stipulate a two percent origination fee which will be paid at the closing and a 12 month, interest-only note with a 8% interest rate.
Accordingly, Cara will be required to make a $135,000 down payment plus pay a $2,700 origination fee. she must then pay $900 monthly to Mountain Rock Lending Corporation. Cara's intention is to finish the rehab within the 12 months and resell it for $364,500. If she succeeds she will make a total profit of $81,000 ($364,500 price - $135,000 principle - $135,000 down payment - $2,700 origination fee - $10,800 in total interest payments.
Kirk is a an investor in the Arverne neighborhood of Far Rockaway, NY. He finds a run-down house for a rehab project and obtains a bridge loan from P & J Lending Company with the following terms:
a) A $310,000 purchase price, b) a 60% loan-to-value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 3% origination fee.
Kirk plans to sell the project when the note expires for $403,000. If he achieves this goal, the outcome would be the following:
$403,000 sales price
- $186,000 loan principle (60% LTV)
- $124,000 cash paid at closing (40% on 60% LTV)
- $5,580 origination fee (3% of the $186,000 principle)
- $25,110 interest payments (18 months x 9% interest)
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= $62,310 gross profit (doesn't include taxes or renovation costs)
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!
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!
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Fairfield Financial Services is private lender headquartered in Portland, OR. They provide funding in 11 states across the United States. They offer private commercial loans, hard money refinancing, fix-and-flip hard money loans, and short term bridge ...
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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. ...
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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 ...
T&M Commercial Funding is an Auburn, ME based private lender who provides loans in 47 states across the US. They provide lending solutions for a variety of situations and needs, including bridge loans and commercial hard money loans. ...
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Sharestates is a private, hard money lender in 46 states across the US. We offer financing solutions for a variety of needs and situations, including hard money loans for commercial properties, residential fix and flips, ground up construction, and long ...
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Private Money Utah is a Salt Lake City, UT based hard money lender who provides loans throughout Chicago. They provide lending solutions for many different situations, including short term fix and flip loans, construction loans, commercial hard money loans, ...
Sachem Capital is a Branford, CT based hard money lender. They provide loans throughout New York, New Jersey, and Connecticut. They offer commercial loans, fix and flip loans, investment property loans, and bridge loans. They ...
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Fort Amsterdam Capital is a New York, NY based hard money lender who provides loans throughout New York City. They provide fix-and-flip hard money loans, loans for rental properties, private commercial loans, and bridge loans. They issue ...
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