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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!
Glen Burnie, MD has 50 fix-and-flip lenders in the city. Note amounts average about $292,500. Rates on loans issued to Glen Burnie investors average around 12.2%. The mean term offered for loans is 12 months. The mean origination fee added to the loans is 4.1%. Lenders typically offer a 75% loan-to-value (LTV) on loans in Glen Burnie.
Tracy closes on a $300,000 renovation project in the South Gate area of Glen Burnie, MD, using a fix-and-flip loan from Cordial Finance Group. The lender agrees to make a note with a 85% loan to value (LTV) so they are willing to loan $255,000 on the house. The parameters of the loan also include a five point origination fee which is to be paid at closing and a 12 month, interest only note with a 14% interest rate.
According to the terms of the loan, Tracy will be required to pay a $12,750 origination fee plus 15% of the sales price, or $45,000, based on the 85% LTV. Cordial Finance Group will collect $2,975 in monthly interest from the borrower. This is calculated by taking the total loan amount of $255,000, multiplying by the 14% interest rate, and then dividing that amount by 12. At the expiration of the note, she sells the renovated house for $360,000. After subtracting the $35,700 in interest payments ($2,975 times 12 months), the $12,750 origination fee, the $255,000 principle on the note, and the $45,000 she contributed to closing, she will earn a gross profit of $11,550 ($360,000 price minus $348,450 in costs). This profit would be reduced by any renovation costs paid by Tracy.
Tyler finds a house in the South Gate area of Glen Burnie, MD to renovate and re-sell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from All Star Lending Corporation with the following parameters:
$270,000 sales price
85% loan-to-value (LTV)
18 month term
14% interest rate
2% origination fee
After the rehab project is completed, if Tyler sells the project for $337,500, the final numbers would be the following:
$337,500 sales price
- $229,500 note principle (85% LTV)
- $40,500 cash paid at closing (15% on 85% LTV)
- $4,590 origination points (2% of the $229,500 principle amount)
- $48,195 total interest paid (18 months x 14% interest)
-----------------------
= $14,715 total profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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