Tennessee Refinance / Cash Out Loans
Tennessee has 28 private money refinance lenders operating in the state. The average note amount is $296,127. The average interest rate for loans in Tennessee is 10.3%. The average loan issued in this state has a term of 33 months. The average origination fee for loans is 3.1 points. Lenders in Tennessee average a 73% loan-to-value (LTV) on their deals.
Loan Example 1
Cheryl owns a an office building she uses for her company's operations in Clarksville, TN. She turns to Frontera Funding Group for a cash-out refinance after she is denied a loan by her local bank to pay for her business's ongoing operational requirements. The lender does a market value analysis and decides the property is worth $1,400,000. They decide to loan Cheryl 55% of this estimated market value (the LTV). They also specify a 13% rate of interest, a 4 year term, and will collect an origination fee of 4 percent at the close. Interest-only payments are to be made monthly with the principle to be repaid when the loan expires. According to the rules of this deal, Frontera Funding Group will loan Cheryl a sum of $739,200 on her property ($1,400,000 estimated market value x 55% LTV - $30,800 in origination fees). Cheryl will pay $8,342 monthly in interest until the loan expires and will then pay back the $770,000 face amount of the loan.
Loan Example 2
Heather is a small business owner in Clarksville, TN and she owns a commercial building for her operations. She comes to an arrangement with her business partner to buy out their ownership of the enterprise but she does not have enough cash on hand to do so. To make the transaction happen, she takes money out of the equity she has in the building via a private money cash-out refinance loan through Prime Time Investments. After deeming the building to be worth around $1,300,000, they contract to a 55% loan to value (LTV) on the deal. They also specify a 10% rate of interest, a 5 year loan period, and they will collect an origination fee of 1 points at closing. Interest-only payments will be paid monthly with the principle to be paid back when the loan matures. By the specifications of this deal scenario, Prime Time Investments will give Heather a total of $707,850 on her property ($1,300,000 market value x 55% loan to value - $7,150 in origination points). Heather will pay $5,958 per month in interest until the loan expires and will then pay back the $715,000 principle value of the loan.
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