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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!
A total of 50 results for private money bridge lenders were found in Youngtown, AZ. The median note amount in the city is $435,417. The median rate for hard money loans in Youngtown is 10.7%. The typical note issued in this city is for 37 months. The mean origination fee for loans is 2.6 points. The median loan to value (LTV) offered for loans in Youngtown is 72%.
Sofia is a real estate investor in Youngtown, AZ. She locates an older property and wants to remodel it and sell it for a profit. The property costs $390,000 but she does not have the full amount so she obtains a private money bridge loan with West Star Investment Corporation. The borrower will need to fund 15% of the purchase price in cash to closing based on a 85% loan to value set by the lender. This makes the principle amount from West Star Investment Corporation $331,500. The interest rate on the note is 12% for a term of 12 months and the lender requires a one point origination fee at the close. The interest payments are to be paid monthly and the principle will be paid back after the sale of the property.
On top of the $3,315 origination fee, Sofia will also have to fund $58,500 of the purchase with her own funds, or 15% of the purchase price. The monthly interest-only payments will then total $3,315 to West Star Investment Corporation. If Sofia sells the project for $585,000 after 12 months, she would then make a total profit of $151,905 after deducting the principle amount of $331,500, the funds paid at closing of $58,500, the origination points of $3,315, and the total interest payments of $39,780. This gross profit does not include building costs.
West Star Lending makes a private money bridge loan to Rick for a renovation project in Youngtown, AZ. The deal includes the following:
$290,000 sales price
70% loan to value (LTV)
18 month term
13% interest rate
3% origination fee
Based on a $420,500 sales price after the 18 month term, the numbers for the project would look like the following:
$420,500 sales price
- $203,000 note principle (70% LTV)
- $87,000 down payment (30% on 70% LTV)
- $6,090 origination points (3% of the $203,000 principle)
- $39,585 total interest paid (18 months x 13% interest)
-----------------------
= $84,825 total profit (doesn't 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!
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!
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