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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!
A total of 50 records for fix-and-flip lenders were found in Fate, TX. In this city, the average amount loaned is $409,167. Interest rates for hard money loans average about 11.5%. 17 months is the average term for loans issued in the city. The mean points applied to the loans is 3.1%. The typical loan to value for loans in Fate is 70%.
Chris finds a condo in Fate, TX to flip and sell. Since she does not have enough cash available to purchase the $180,000 property outright, she decides to take out a fix-and-flip loan from Blue Door Lending. The loan to value (LTV) on the deal is 70%. This means that Chris will have to bring 30% of the sales price to the closing and the principle amount will be $126,000 on the loan. The rate on the loan is 10% for a term of 18 months and the company requires a one point origination fee at closing. The interest is to be paid monthly and the principle will be returned after the property sells.
The borrower must fund a total of $32,400 up front to pay the $54,000 down payment in addition to the $1,260 origination fee. After the deal closes, she will need to pay the lender $1,050 in monthly interest fees, or 10% multiplied times $126,000 divided by 12 months in a year. Chris's intention is to finish the project within the 18 months and sell it for $225,000. If she succeeds she will collect a profit of $24,840 ($225,000 sales price - $126,000 principle amount - $54,000 down payment - $1,260 origination points - $18,900 in total interest paid.
Oscar is a an investor in Fate, TX. He finds a run-down property for a remodeling project and obtains a hard money loan from West Shore Finance with the following paramters:
a) A $260,000 purchase price, b) a 50% loan-to-value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 5% origination fee.
Based on a $351,000 sales price after the 12 month term, the final numbers for the project would look like this:
$351,000 sales price
- $130,000 principle on note (50% LTV)
- $130,000 down payment (50% on 50% LTV)
- $6,500 origination fee (5% of the $130,000 principle)
- $14,300 interest payments (12 months x 11% interest)
-----------------------
= $70,200 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!
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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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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