
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
There are 50 lenders offering bridge loans in Weatherford, TX. The average note issued is approximately $301,250. The average interest rate for hard money loans in Weatherford is 10.6%. The typical note issued in this city has a term of 47 months. The average loan issued in this city carries a 3.0 point origination fee. Lenders offer on average a 73% loan-to-value on deals in Weatherford.
Micheal takes a private money bridge loan from East End Funding Group in order to renovate a townhouse to flip in Weatherford, TX. The price of the house is $270,000. The terms of the note include a 85% loan to value (LTV), so he must contribute 15% of the price as cash at closing, making the principle loan amount $229,500. The rate on the note is 13% for a term of 12 months and the lender requires a five point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle amount will be returned after the property sells.
By the terms of the note, Micheal will need to contribute a $11,475 origination fee plus 15% of the purchase price, or $40,500, since there is a 85% LTV. The monthly interest-only payments will then total $2,486 to the lender. At the end of the loan, he sells the rehabed house for $351,000. After deducting the $29,835 in total interest payments ($2,486 multiplied times 12 months), the $11,475 origination fee, the $229,500 principle on the loan, and the $40,500 he contributed to the closing, he will earn a gross profit of $39,690 ($351,000 sales price minus $311,310 in total costs). This profit would be reduced by any rehab costs paid out of pocket.
Neil is a an investor in Weatherford, TX. He purchases a run-down property for a remodeling project and takes out a private money bridge loan from Urban Investments with the following terms:
$230,000 sales price
60% loan-to-value (LTV)
12 month term
13% rate of interest
2% origination fee
Neil plans to list the project at the end of the term for $333,500. If he succeeds, the deal numbers would be the following:
$333,500 sales price
- $138,000 loan principle (60% LTV)
- $92,000 cash paid at closing (40% on 60% LTV)
- $2,760 origination fee (2% of the $138,000 principle amount)
- $17,940 total interest paid (12 months x 13% interest)
-----------------------
= $82,800 total 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!
The ORIGINAL LENDER of NOT requiring any of the below: NO Application, tax returns, credit check, appraisals, pre-inspection, prepay penalty, upfront fees, survey, bank statements or employment!
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