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Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
A total of 50 records for hard money bridge lenders were found in Wind Gap, PA. The mean loan amount in this city is $289,688. Rates on hard money loans issued to Wind Gap borrowers average around 11.1%. 12 months is the mean length for loans offered in the city. The average origination fee added to the loans is 3.3%. 74% is the average LTV offered for offered by lenders in Wind Gap.
Abby closes on a $330,000 rehab project in Wind Gap, PA, using a bridge loan from All American Finance Company. The borrower will have to contribute 15% of the sales price in cash to closing based on a 85% loan-to-value stipulated by the lender. This makes the principle note from All American Finance Company $280,500. The loan is interest only, paid monthly, and is for 18 months at 14% interest with 3 origination points paid at closing.
Abby will need to bring $49,500 to closing (15% on the 85% LTV), plus she will need to pay the $8,415 origination fee. Once the loan closes, she will need to pay the lender $3,273 in monthly interest fees, or 14% times $280,500 divided by 12 months in the year. If Abby sells the project for $495,000 after 18 months, she would then earn a total profit of $97,680 after subtracting the principle amount of $280,500, the cash paid at the close of $49,500, the origination fee of $8,415, and the aggregate interest payments of $58,905. This gross profit doesn't include remodeling costs.
Mathew is a an investor in Wind Gap, PA. He purchases an older property for a remodeling project and takes a hard money bridge loan from River City Finance Group with the following features:
a) A $300,000 sales price, b) a 65% loan-to-value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 1% origination fee.
Mathew intends to sell the project at the end of the term for $420,000. If he accomplishes his goal, the deal numbers would be as follows:
$420,000 sales price
- $195,000 loan principle (65% LTV)
- $105,000 cash paid at closing (35% on 65% LTV)
- $1,950 origination points (1% of the $195,000 principle)
- $27,300 interest payments (12 months x 14% interest)
-----------------------
= $90,750 total profit (doesn't include taxes or renovation costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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