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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!
There are 50 fix-and-flip lenders serving Driggs, ID. The mean note made to borrowers is about $284,375. Rates on loans made to Driggs borrowers average 10.8%. The average length for loans is 18 months. A typical hard money loan offered in the city carries a 3.6 percent origination charge. Lenders in Driggs average a 72% LTV on their loans.
Brook View Lending Corporation issues a private money loan to Adrian for a remodeling project in Driggs, ID, on a house that costs $200,000. The terms of the note include a 60% loan to value (LTV), so he must contribute 40% of the price as cash at closing, making the principle loan amount $120,000. The note is interest only, paid monthly, and is for 12 months at 11% interest with 5 origination points paid when the deal closes.
Adrian will have to contribute $80,000 at the closing (40% on the 60% LTV), plus he will pay the $6,000 origination fee. The monthly interest only payments will then total $1,100 to the lender. If Adrian achieves his goal of a $270,000 total sales price when the loan term expires, he would make a total profit of $50,800 after re-paying the principle and subtracting the cash he paid at closing, the origination fee, and the total monthly interest payments.
Tyler is a an investor in Driggs, ID. He purchases an older house for a remodeling project and takes out a fix and flip loan from GJ Funding with the following features:
$290,000 sales price
85% loan-to-value (LTV)
6 month term
8% interest rate
2% origination fee
If Tyler accomplishes his goal of a $435,000 sales price, the numbers of the deal would be as follows:
$435,000 sales price
- $246,500 note principle (85% LTV)
- $43,500 cash paid at closing (15% on 85% LTV)
- $4,930 origination points (2% of the $246,500 principle)
- $9,860 total interest paid (6 months x 8% interest)
-----------------------
= $130,210 total profit (does not 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!
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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