Maine Refinance / Cash Out Loans
Maine has 23 private money refi lenders serving the state. The median amount loaned is $294,544. Interest rates for hard money loans average about 11.6%. The mean loan issued in this state has a length of 33 months. The mean origination for loans is 2.9 points. Lenders typically offer a 75% loan-to-value (LTV) on hard money loans in Maine.
Loan Example 1
Denise is an entrepreneur in Waterville, ME and she owns an office building for her operation. She makes an arrangement with her business partner to purchase their share of the enterprise but she doesn't have the cash to do so. To make the transaction happen, she takes cash from the equity she has in her building via a hard money cash-out refinancing from City Finance Corporation. In exchange for a first lien on the property, the lender agrees to fund Denise 55% of its $1,000,000 estimated market value. The lender will deduct 3 origination points when the loan closes and will then be paid interest only payments at 10% for 1 years. The principle is to be paid off in one balloon payment when the loan matures. Denise receives $533,500 in cash from City Finance Corporation when the deal is executed ($1,000,000 estimated value x 55% loan-to-value - $16,500 in origination points). She will then begin making payments each month of $4,583 for the 1 year duration of the loan. She will also make a final payment of $550,000 to retire the debt.
Loan Example 2
Nell operates a small business in Waterville, ME. She runs her operations from an office building that she owns in full. She comes to a deal with her business partner to purchase their share of the company but she doesn't have enough personal funds to do so. To make the transaction happen, she takes cash from the equity she has in the property through a private money cash-out refinancing through Presitge Finance Company. After concluding the building to be worth approximately $1,200,000, they agree to a 50% loan to value (LTV) for the loan. They also specify a 11% rate of interest, a 1 year note term, and will charge an origination fee of 3 percent at the close. Interest only payments will be paid monthly with the loan principle repaid when the note expires. Nell will receive $582,000 in cash from Presitge Finance Company when the transaction is closed ($1,200,000 estimated market value x 50% loan-to-value - $18,000 in origination points). She will then make monthly payments of $5,500 for the 1 year term of the note. She will also make a final payment of $600,000 to retire the debt.
Funding Fix & Flip, Ground-Up Construction, and DSCR loans in 35 States. We're the lender for real estate entrepreneurs looking for fast funding, fair pricing, and amazing service.
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