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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!
Saint Paul Park, MN has 28 private money lenders serving the city. In this city, the average amount loaned is $298,215. Rates on hard money loans issued to Saint Paul Park investors average 9.8%. The median note issued in the city has a term of 18 months. A typical loan offered in this city includes a 2.9 point origination cost. Lenders in Saint Paul Park average a 70% loan-to-value on their deals.
Sam closes on a $360,000 renovation project in Saint Paul Park, MN, using a private money bridge loan from Dimension Funding Corporation. The lender agrees to issue a note with a 50% loan-to-value (LTV) so they are willing to extend $180,000 on the project. The note is interest only, with monthly payments, and is for 6 months at 10% interest with 4 points to be paid at the closing.
Therefore, the borrower will be required to make a $180,000 down payment in addition to paying a $7,200 origination fee. The monthly interest only payments will then total $1,500 to the lender. If Sam accomplishes his goal of a $450,000 sales price when the loan expires, he would make a total profit of $73,800 after repaying the principle amount and subtracting the cash he paid at closing, the origination fee, and the total monthly interest payments.
West Side Lending Company makes a private money bridge loan to Andrea for a renovation project in Saint Paul Park, MN. The deal dictates the following:
a) A $260,000 purchase price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 2% origination fee.
Andrea plans to list the project at the end of the term for $325,000. If she achieves this goal, the outcome will be as follows:
$325,000 sales price
- $221,000 note principle (85% LTV)
- $39,000 down payment (15% on 85% LTV)
- $4,420 origination points (2% of the $221,000 principle)
- $29,835 interest payments (18 months x 9% interest)
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= $30,745 total profit (does not 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!
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