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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!
There are 33 hard money lenders operating in Saint Martinville, LA. The average note amount in the city is $300,278. The average rate for private loans in Saint Martinville is 10.5%. The median term offered for notes is 20 months. The average origination for the loans is 2.9 percent. Lenders offer on average a 78% LTV on loans in Saint Martinville.
Oak Hill Investment Group issues a hard money bridge loan to Lawrence for a remodeling project in Saint Martinville, LA, on a property that costs $370,000. The borrower will need to bring 35% of the sales price in cash to the closing based on a 65% loan to value set by the lender. This makes the principle amount from Oak Hill Investment Group $240,500. The note is interest only, paid monthly, and is for 18 months at 13% interest with 2 points paid when the deal closes.
Lawrence will have to contribute $129,500 to closing (35% on the 65% loan-to-value), plus he will have to pay the $4,810 origination fee. The lender will collect $2,605 in monthly interest from the Lawrence. This is computed by taking the full note value of $240,500, multiplying by the 13% rate of interest, and then dividing that number by 12. At the expiration of the note, he sells the rehabed property for $499,500. After subtracting the $46,898 in interest expenses ($2,605 times 18 months), the $4,810 origination fee, the $240,500 principle amount on the note, and the $129,500 he contributed to the closing, he will earn a total profit of $77,793 ($499,500 price minus $421,708 in costs). This profit would then be reduced by any rehab costs paid out of pocket.
Milton is a real estate investor in Saint Martinville, LA. He finds a run-down property for a renovation project and takes a bridge loan from Reliance Finance Company with the following paramters:
a) A $340,000 sales price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 2% origination fee.
If Milton accomplishes his goal of a $476,000 sales price, the numbers of the deal would be as follows:
$476,000 sales price
- $272,000 principle on note (80% LTV)
- $68,000 down payment (20% on 80% LTV)
- $5,440 origination fee (2% of the $272,000 principle amount)
- $27,200 total interest paid (12 months x 10% interest)
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= $103,360 gross profit (doesn't include taxes or rehab 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!
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