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!
Bridge Loans in St Michael, Minnesota
Saint Michael, MN has 28 lenders operating in the city. Note amounts average about $302,084. Rates on private loans issued to Saint Michael investors average around 11.0%. The average note issued in this city is 24 months in length. The average points applied to loans is 2.4%. Lenders offer on average a 71% loan to value (LTV) on deals in Saint Michael.
Loan Example 1
Nettie finds a duplex in Saint Michael, MN to remodel and re-sell. Since she doesn't have enough cash to purchase the $250,000 house outright, she takes out a bridge loan from South End Lending Corporation. The terms of the note include a 50% loan to value (LTV), so she must bring 50% of the price as cash to closing, which makes the principle loan amount $125,000. The parameters of the note also include a four point origination fee that is to be paid at the closing and a 6 month, interest-only note with a 11% interest rate.
Nettie will have to bring $125,000 to the closing (50% on the 50% loan to value), plus she will need to pay the $5,000 origination fee. After the deal is executed and Nettie takes over the project, she will have to begin making monthly payments of $1,146 to South End Lending Corporation ($125,000 principle x 11% / 12 months). If Nettie meets her goal of a $312,500 total sales price when the loan expires, she would earn a total profit of $50,625 after repaying the principle amount and deducting the money she brought to closing, the origination points, and the monthly interest payments.
Loan Example 2
Hugh is a an investor in Saint Michael, MN. He buys an older house for a renovation project and obtains a bridge loan from Progressive Investments with the following features:
$350,000 sales price
55% loan-to-value (LTV)
18 month term
10% rate of interest
4% origination fee
If Hugh accomplishes his goal of a $420,000 sales price, the numbers of the project would be as follows:
$420,000 sales price
- $192,500 principle on note (55% LTV)
- $157,500 down payment (45% on 55% LTV)
- $7,700 origination points (4% of the $192,500 principle)
- $28,875 interest payments (18 months x 10% interest)
-----------------------
= $33,425 gross profit (does not include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Temple View Capital
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Stratton Equities
28 Bloomfield Avenue
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
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Kiavi
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
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New Silver
2475 Albany Ave #203B
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1485 International Parkway, Suite 1031
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LendingOne
901 Yamato Rd, Suite 150
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T&M Commercial Funding
259 Minot Ave
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Park Place Finance
500 West 2nd Suite 1900
Austin, TX 78701
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TNS Loans
1101 W Mineral Ave. #101
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Rapid Commercial Loans
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Cherrywood Commercial
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Sunset Equity Funding
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Pine Financial Group
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Flip N Fast Loans
4445 Corporation Ln Suite 264
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REI Capital
5660 Strand Court
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Gokapital Mortgage
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42 Thompson Street, Suite 1A
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Primeau Funding
10575 N. 114th St. Suite 103
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75 Arlington Street, Suite 500
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Source Capital
445 S. Figueroa Street, Suite 3199
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YC Funding
1010 NE 2nd Ave
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1100 Glendon Ave, 18th Floor
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Riverdale Funding
207 Mockingbird Ln, #402
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