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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!
Lackey, VA has 50 fix and flip lenders issuing loans in the city. Note amounts average around $289,500. Rates for private loans average about 11.8%. 18 months is the average term for loans made in the city. The average loan offered in this city carries a 3.9 percent origination cost. Lenders in Lackey average a 78% loan-to-value on their deals.
Dawn finds a duplex in Lackey, VA to flip and resell. Since she does not have enough cash to acquire the $240,000 house outright, she takes out a fix and flip loan from Fortune Investment Group. Since the lender sets a 60% loan to value, Dawn will need to put 40% down so the total amount of the loan will be $144,000. The parameters of the loan dictate a 14% note for 6 months. They also stipulate a 1 point origination fee, that will also need to be paid when the property closes.
Therefore, the borrower will be required to make a $96,000 down payment plus pay a $1,440 origination fee. Fortune Investment Group will collect $1,680 in monthly interest from the borrower. This is calculated by taking the full loan amount of $144,000, multiplying that by the 14% interest rate, and then dividing that number by 12. At the expiration of the note, she sells the renovated house for $324,000. After deducting the $10,080 in interest expenses ($1,680 multiplied by 6 months), the $1,440 origination fee, the $144,000 principle on the note, and the $96,000 she brought to the closing, she will make a gross profit of $72,480 ($324,000 price minus $251,520 in total costs). This amount would then be reduced by any renovation costs paid out of pocket.
Nichole takes a loan from Brook View Lending Company in order to remodel a property to flip in Lackey, VA. The deal has the following parameters:
a) A $400,000 sales price, b) a 50% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 4% origination fee.
After the renovation project is completed, if Nichole sells the project for $500,000, the final numbers would be the following:
$500,000 sales price
- $200,000 principle (50% LTV)
- $200,000 cash paid at closing (50% on 50% LTV)
- $8,000 origination points (4% of the $200,000 principle)
- $18,000 interest payments (12 months x 9% interest)
-----------------------
= $74,000 total profit (does not include taxes or renovation costs)
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!
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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Based in Coeur d'Alene, IA, COGO Capital is an asset-based lender providing loans in 45 states throughout the US. They provide private commercial loans, fix-and-flip loans, and loans for investments properties. Their loan guidelines are flexible, including ...
Patch Lending (formally Patch of Land) is a national private lender offering real estate investors fast and reliable financing for investment properties. Patch offer short-term single-family and multi-family bridge, fix & flip, ground-up construction, and long-term rental property financing. They ...
Great Jones Capital is hard money lender headquartered in Washington DC. They provide loans throughout Washington DC, Maryland, and Virginia. They offer loans for a variety of scenarios, including fix and flip hard money loans, private ...
Bluewater Funding is an asset-based lender in Rockville, MD providing funding throughout Washington DC. They provide lending solutions for many different needs and situations, including commercial loans, fix and flip hard money loans, hard money refinancing, and short ...
Based in Falls Church, VA, Washington Capital Partners is a direct hard money lender providing loans in Washington DC, Maryland, Virginia, Pennsylvania, North Carolina, and beyond. They offer lending solutions for a variety of investing strategies, including fix and flip ...
Asset Based Lending LLC is a Hoboken, NJ based hard money lender who offers funding in 9 states across the US. They offer loans for a variety of scenarios, including new construction loans, hard money refinancing, loans for investments ...
Based in Atlanta, GA, Angel Oak Prime Bridge is an asset-based lender offering loans throughout Georgia. They provide loans for many different scenarios, including fix-and-flip hard money loans, short term bridge loans, construction loans, and investment property loans. ...
LYNK Capital is a fast-growing private lender offering residential renovation, construction, and rental loans. Our team has decades of construction lending experience and we're here to help you through every stage of your project.We lend in: AL, CT, DC, DE, ...
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Center Street Lending is a private lender headquartered in Irvine, CA offering loans throughout the country. We provide hard money loans for business purpose and non-owner occupied residential properties. Fix and flip, buy and hold, rental property loans, bridge and ...
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Based in Boulder, CO, Aloha Capital is an asset-based lender offering funding in Washington DC, Maryland, Virginia, and Colorado. They offer loans for many different needs and situations, including long term rental property loans, hard money bridge loans, ...
LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
Gelt Financial LLC was founded in 1989 to help both borrowers and brokers finance their real estate. With loan amounts from $100K-$5M on vacant, non-owner occupied, and owner-occupied properties, Gelt Financial funds both purchases and refinances. Additionally, Gelt provides creative ...
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Sherman Bridge Lending is a hard money lender headquartered in Irving, TX.They current lend in the following states: AL, CA, CO, FL, GA, KS, KY, MD, MO, NJ, NC, OH, OK, PA, SC, TN, TX, VA, WI and the District ...
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Sharestates is a private, hard money lender in 46 states across the US. We offer financing solutions for a variety of needs and situations, including hard money loans for commercial properties, residential fix and flips, ground up construction, and long ...
Pepe Berard Capital is hard money lender based in Rye Brook, NY. They provide loans in 12 states across the US. They provide private commercial loans, new construction loans, bridge loans, fix and flip hard money loans, ...
Adler Private Lending is a hard money lender based in Fairfax, VA offering loans throughout Washington DC, Maryland, and Virginia. They provide loans for many different scenarios, including bridge loans, cash out hard money loans, private commercial loans, ...
Based in Aon, CT, Capital Three Sixty is an asset-based lender providing loans in 15 states across the United States. They provide lending solutions for a variety of scenarios, including hard money loans for commercial properties, loans for investments ...
Restoration Capital, LLC is hard money lender headquartered in Chantilly, VA. They provide loans in Virginia. They provide lending solutions for a variety of situations, including refinancing, fix-and-flip hard money loans, and rental property loans. ...
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