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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!
Austin, MN has 36 fix-and-flip hard money lenders serving the city. Loan amounts average approximately $312,500. The mean rate for loans in Austin is 10.2%. The typical length for notes is 18 months. The average points added to the loans is 2.9%. Lenders in Austin average a 74% LTV on their loans.
Ronda takes a hard money loan from Redwood Finance Corporation in order to renovate a duplex to resale in Austin, MN. The sales price of the house is $350,000. The lender agrees to write a loan with a 75% loan-to-value (LTV) so they are willing to extend $262,500 on the property. The terms of the loan dictate a 10% note for 12 months. They also stipulate a 2 point origination fee, that will also have to be paid upon closing.
Ronda will need to fund a total of $32,400 upon closing to cover the $87,500 down payment in addition to the $5,250 origination fee. Once the loan closes, she will pay Redwood Finance Corporation $2,188 in monthly interest fees, or 10% multiplied times $262,500 divided by 12 months in a year. Ronda's plan is to complete the project within the 12 months and sell it for $525,000. If she succeeds she will make a profit of $143,500 ($525,000 sales price - $262,500 principle amount - $87,500 cash paid at closing - $5,250 origination points - $26,250 in total interest paid.
Vernon locates a house in Austin, MN to rehab and re-sell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Brown Lending Company with the following parameters:
$270,000 sales price
55% loan-to-value (LTV)
18 month term
8% rate of interest
2% origination fee
Based on a $324,000 sales price after the 18 month term, the numbers for the project would look like the following:
$324,000 sales price
- $148,500 principle (55% LTV)
- $121,500 down payment (45% on 55% LTV)
- $2,970 origination fee (2% of the $148,500 principle)
- $17,820 interest payments (18 months x 8% interest)
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= $33,210 gross profit (doesn't include taxes or rehab 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!
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