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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!
Eagle, ID has 50 fix and flip hard money lenders in the city. In this city, the mean amount for loans is $286,786. Interest rates for hard money loans average about 11.3%. The mean loan issued in the city is 44 months in length. The mean origination for loans is 4.1 points. Lenders offer on average a 79% LTV on loans in Eagle.
Harry closes on a $230,000 renovation project in Eagle, ID, using a fix and flip loan from Credence Funding Company. The terms of the note include a 60% loan-to-value (LTV), so he must bring 40% of the price as cash to closing, making the principle loan amount $138,000. The parameters of the loan also include a four point origination fee which will be paid at closing and a 12 month, interest-only note with a 9% interest rate.
In addition to paying the $5,520 origination fee, Harry will also need to fund $92,000 of the purchase with his own money, or 40% of the sales price. he must then pay $1,035 per month to the lender. Harry's plan is to finish the house by the end of the 12 months and re-sell it for $310,500. If he succeeds he will make a gross profit of $62,560 ($310,500 sales price - $138,000 principle - $92,000 down payment - $5,520 origination points - $12,420 in total interest.
Cornelia takes out a fix and flip loan from Presitge Funding Company so she can remodel a townhouse to flip in Eagle, ID. The deal has the following parameters:
$330,000 purchase price
55% loan-to-value (LTV)
6 month term
9% interest rate
5% origination fee
Assuming a $478,500 sales price at the end of the 6 month term, the final numbers for this deal would look like this:
$478,500 sales price
- $181,500 loan principle (55% LTV)
- $148,500 cash paid at closing (45% on 55% LTV)
- $9,075 origination fee (5% of the $181,500 principle)
- $8,168 total interest paid (6 months x 9% interest)
-----------------------
= $131,258 gross profit (doesn't include taxes or renovation 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!
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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