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 Scott Depot, West Virginia
Scott Depot, WV has 37 lenders serving the city. The median loan issued is about $291,250. Rates on loans issued to Scott Depot investors average 10.7%. The mean note issued in this city is 19 months in length. The mean origination fee added to the loans is 2.6%. 79% is the typical loan to value offered for offered by lenders in Scott Depot.
Loan Example 1
Willard closes on a $390,000 renovation project in the Teays area of Scott Depot, WV, using a bridge loan from Presitge Investment Corporation. The lender agrees to make a note with a 60% loan to value (LTV) so they will loan $234,000 on the project. The note is interest only, paid monthly, and is for 12 months at 10% interest with 1 points paid at closing.
Accordingly, the borrower will have to contribute a $156,000 down payment in addition to paying a $2,340 origination fee. Once the loan is executed and Willard takes on the project, he will begin making monthly payments of $1,950 to the lender ($234,000 principle x 10% / 12 months). If Willard sells the house for $526,500 after 12 months, he would realize a total profit of $110,760 after subtracting the original principle of $234,000, the money contributed at the close of $156,000, the origination fee of $2,340, and the total interest payments of $23,400. This profit doesn't account for building costs.
Loan Example 2
Leanne locates a property in the Teays area of Scott Depot, WV to renovate and sell. Since she does not have enough cash to buy the property outright, she takes a bridge loan from Presitge Funding Company with the following parameters:
$160,000 purchase price
85% loan to value (LTV)
6 month term
10% interest rate
3% origination fee
Leanne intends to sell the project at the end of the term for $224,000. If she accomplishes her goal, the final numbers will be as follows:
$224,000 sales price
- $136,000 note principle (85% LTV)
- $24,000 cash paid at closing (15% on 85% LTV)
- $4,080 origination points (3% of the $136,000 principle)
- $6,800 interest payments (6 months x 10% interest)
-----------------------
= $53,120 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!
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701 W Broad Street, Suite 200
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Red Rock Capital
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20 West Vine Street #575
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