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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!
Mango, FL has 50 fix and flip lenders serving the city. The average loan issued to borrowers is about $382,750. Interest rates on hard money loans issued to Mango borrowers average around 11.7%. The mean length for notes is 41 months. The mean loan includes a 3.2 percent origination charge. The typical loan-to-value (LTV) for loans in Mango is 73%.
Daisy is a real estate investor in Mango, FL. She locates an older property for sale in the Mango subdivision and decides to renovate it and re-sell it for a profit. The property costs $230,000 but she does not have the full amount so she takes a private money loan with XYZ Finance Group. The borrower will have to fund 25% of the purchase price in cash to closing based on a 75% loan to value stipulated by the lender. This makes the principle note from XYZ Finance Group $172,500. The loan also has the following features: 1) a 6 month term, 2) a 8% interest-only note, and 3) a three point origination charge.
Therefore, Daisy will have to make a $57,500 down payment in addition to paying a $5,175 origination fee. Once the loan closes, she will have to pay the lender $1,150 in monthly interest payments, or 8% multiplied by $172,500 divided by 12 months in a year. If Daisy sells the rehabed house for $287,500 at the end of the 6 month term, her total profit (not accounting for renovation costs) would be $45,425. This is computed by taking the purchase price ($287,500) and subtracting the original principle ($172,500), the origination fee ($5,175), the money she contributed to closing ($57,500), and the total interest payments ($6,900).
Bobbi is a real estate investor in the East Side Commercial Area neighborhood of Mango, FL. She buys a run-down townhouse for a renovation project and takes out a fix and flip loan from Easy Brook Lending Corporation with the following terms:
a) A $210,000 purchase price, b) a 70% loan-to-value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 3% origination fee.
Bobbi plans to list the property at the end of the term for $283,500. If she achieves this goal, the final numbers would be the following:
$283,500 sales price
- $147,000 principle (70% LTV)
- $63,000 down payment (30% on 70% LTV)
- $4,410 origination points (3% of the $147,000 principle)
- $22,050 total interest paid (18 months x 10% interest)
-----------------------
= $47,040 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!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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.
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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Dominion Financial Services is a private lender serving professional single-family real estate investors. We offer fix & flip loans, 30-yr fixed-rate rental loans, new construction financing, and multifamily bridge loans. We currently lend in all 50 states and Washington D.C ...
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New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
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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. ...
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