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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 Mansfield, TX. The mean amount for loans in this city is $305,000. The mean rate for private loans in Mansfield is 10.8%. The mean length offered for notes is 28 months. A typical loan offered in this city includes a 3.2 percent origination charge. Lenders offer on average a 70% loan to value (LTV) on deals in Mansfield.
Anna closes on a $230,000 renovation project in Mansfield, TX, using a fix-and-flip loan from GJ Finance Corporation. The loan-to-value (LTV) on the deal is 85%. This means that Anna will bring 15% of the purchase price to closing and the principle amount will be $195,500 on the deal. The parameters of the loan dictate a 12% note for 12 months. They also stipulate a 4 point origination fee, which will also be paid when the property closes.
In accordance with the parameters of the loan, Anna will be required to contribute a $7,820 origination fee plus 15% of the purchase price, or $34,500, based on the 85% LTV. The monthly interest only payments will then be $1,955 to the lender. At the expiration of the loan, she sells the renovated property for $287,500. After deducting the $23,460 in total interest payments ($1,955 multiplied by 12 months), the $7,820 origination fee, the $195,500 principle amount on the loan, and the $34,500 she contributed to closing, she will earn a total profit of $26,220 ($287,500 sales price minus $261,280 in total costs). This amount would be reduced by any building costs paid out of pocket.
Prosper Investments makes a private money loan to Dwayne for a rehab project in Mansfield, TX. The loan dictates the following:
$270,000 sales price
55% loan-to-value (LTV)
12 month term
8% rate of interest
3% origination fee
Based on a $337,500 sales price after the 12 month term, the outcome for the project would look like this:
$337,500 sales price
- $148,500 principle (55% LTV)
- $121,500 cash paid at closing (45% on 55% LTV)
- $4,455 origination fee (3% of the $148,500 principle)
- $11,880 total interest paid (12 months x 8% interest)
-----------------------
= $51,165 total profit (does not 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!
The ORIGINAL LENDER of NOT requiring any of the below: NO Application, tax returns, credit check, appraisals, pre-inspection, prepay penalty, upfront fees, survey, bank statements or employment!
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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