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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!
San Angelo, TX has 50 private money bridge lenders offering loans within the city. Note amounts average around $336,250. Rates for private loans average around 10.8%. The average length offered for loans is 41 months. The average origination fee charged on the loans is 2.6%. 69% is the typical loan to value (LTV) offered for for loans in San Angelo.
Ollie is a real estate investor in San Angelo, TX. She locates an older property for sale and wants to renovate it and flip it for a profit. The house has a cost of $360,000 but she does not have the full amount so she obtains a hard money bridge loan with Progressive Funding Company. The loan-to-value (LTV) on the loan is 50%. This means that Ollie will need to bring 50% of the purchase price to closing and the principle amount will be $180,000 on the deal. The rate on the note is 13% for a term of 6 months and the lender requires a four point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle will be paid back after the property sells.
Ollie will have to contribute $180,000 to the closing (50% on the 50% LTV), plus she will pay the $7,200 origination fee. The monthly interest-only payments will then be $1,950 to Progressive Funding Company. Ollie's intention is to complete the house within the 6 months and resell it for $468,000. If she succeeds she will collect a total profit of $89,100 ($468,000 sales price - $180,000 principle amount - $180,000 down payment - $7,200 origination points - $11,700 in interest.
Marc takes a private money bridge loan from Superior Funding Company so he can renovate a property to resell in San Angelo, TX. The deal has the following terms:
a) A $350,000 sales price, b) a 50% loan-to-value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 1% origination fee.
Based on a $525,000 sales price at the end of the 18 month term, the final numbers for the deal would look like this:
$525,000 sales price
- $175,000 principle (50% LTV)
- $175,000 down payment (50% on 50% LTV)
- $1,750 origination fee (1% of the $175,000 principle amount)
- $23,625 total interest paid (18 months x 9% interest)
-----------------------
= $149,625 total profit (does not 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!
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!
The ORIGINAL LENDER of NOT requiring any of the below: NO Application, tax returns, credit check, appraisals, pre-inspection, prepay penalty, upfront fees, survey, bank statements or employment!
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