Kentucky Refinance / Cash Out Loans
Kentucky has 24 private money lenders serving the state. Note amounts average around $297,637. The average interest rate for private loans in Kentucky is 9.9%. 34 months is the average term for loans made in this state. The mean origination fee charged on the loans is 3.0%. 74% is the average loan-to-value (LTV) for offered by lenders in Kentucky.
Loan Example 1
Christi operates a business in Bowling Green, KY. She runs her operations from an industrial building that she owns outright. She decides she needs some funding for her business's operations but she is refused by her local bank for a cash out refi loan, so she goes to XYZ Investment Group for a private money refi. The lender performs a market comparison and estimates the real estate to be valued at $1,900,000. They decide to loan Christi 40% of the market value (the LTV). The lender will start collecting interest-only payments for a 1 year period. Additionally, they will be paid 4 points when the deal closes and will get the principle returned in a balloon payment when the note expires. Christi will receive $729,600 in cash from XYZ Investment Group when the transaction is executed ($1,900,000 market value x 40% loan to value - $30,400 in origination points). She will then make monthly payments of $5,067 for the 1 year duration of the note. She will then make one final balloon payment of $760,000 to close the debt.
Loan Example 2
Caitlin owns a an industrial building she uses for her business's operations in Bowling Green, KY. She determines she needs some funds for her business's operation but is refused by her bank for a cash-out refinance, so she goes to BCC Finance Group for a private money refinance. The lender carries out a market value analysis and conculdes the real estate to be worth around $700,000. They will loan Caitlin 60% of this market value (the LTV). The lender will deduct 5 origination points when the transaction closes and then be paid interest only payments at 13% for 4 years. The principle is to be repaid in one balloon sum when the loan expires. By the stipulations of the deal, BCC Finance Group will loan Caitlin a total of $399,000 on her building ($700,000 value x 60% LTV - $21,000 in origination charges). Caitlin will pay $4,550 monthly in interest payments until the loan expires and will finally re-pay the $420,000 face amount of the loan.
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