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 Ponca City, Oklahoma
Ponca City, OK has 40 private money bridge lenders in the city. Note amounts average approximately $296,500. Rates for private loans average 11.3%. 24 months is the median term for loans issued in this city. The mean points added to the loans is 2.3%. The median loan-to-value offered for loans in Ponca City is 74%.
Loan Example 1
City Investments issues a private money bridge loan to Douglas for a rehab project in Ponca City, OK, on a house that costs $400,000. The terms of the loan include a 75% loan to value (LTV), so he must bring 25% of the price as cash at closing, which makes the principle loan amount $300,000. The terms of the deal also include a five percent origination fee which will be paid at closing and a 18 month, interest-only note with a 13% interest rate.
In accordance with the terms of the loan, Douglas will need to contribute a $15,000 origination fee plus 25% of the purchase price, or $100,000, since there is a 75% LTV. The monthly interest-only payments will then be $3,250 to the lender. At the end of the loan, he sells the renovated house for $500,000. After deducting the $58,500 in interest payments ($3,250 multiplied times 18 months), the $15,000 origination fee, the $300,000 principle amount on the loan, and the $100,000 he brought to closing, he will make a gross profit of $26,500 ($500,000 price minus $473,500 in costs). This amount would then be reduced by any building costs paid by the borrow.
Loan Example 2
Raul is a an investor in Ponca City, OK. He purchases a run-down house for a rehab project and obtains a bridge loan from Dimension Investment Company with the following terms:
$250,000 sales price
65% loan to value (LTV)
6 month term
10% rate of interest
2% origination fee
After the rehab project is complete, if Raul sells the property for $337,500, the numbers would be the following:
$337,500 sales price
- $162,500 principle on note (65% LTV)
- $87,500 cash paid at closing (35% on 65% LTV)
- $3,250 origination fee (2% of the $162,500 principle amount)
- $8,125 total interest paid (6 months x 10% interest)
-----------------------
= $76,125 gross profit (doesn't 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!
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.
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TNS Loans
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