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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!
Sellersburg, IN has 50 fix-and-flip hard money lenders serving the city. The median amount loaned is $293,334. The median interest rate for loans in Sellersburg is 10.8%. 19 months is the median term for loans offered in the city. A typical hard money loan made in the city includes a 2.6 percent origination cost. 75% is the mean LTV offered for offered by lenders in Sellersburg.
Rafael closes on a $240,000 rehab project in Sellersburg, IN, using a fix-and-flip loan from Uptown Investments. The lender agrees to make a loan with a 80% loan to value (LTV) so they will loan $192,000 on the project. The parameters of the deal also stipulate a four point origination fee which is to be paid at the closing and a 6 month, interest only note with a 12% interest rate.
In accordance with the parameters of the note, Rafael will have to pay a $7,680 origination fee in addition to 20% of the purchase price, or $48,000, based on the 80% LTV. he must then pay $1,920 per month to the lender. If Rafael sells the property for $300,000 after 6 months, he would then make a total profit of $40,800 after subtracting the principle amount of $192,000, the funds paid at the close of $48,000, the origination points of $7,680, and the aggregate interest payments of $11,520. This amount doesn't include rehab costs.
Lorie takes out a fix and flip loan from P & J Investment Group in order to renovate a townhome to flip in Sellersburg, IN. The deal has the following parameters:
$210,000 sales price
85% loan-to-value (LTV)
6 month term
9% interest rate
4% origination fee
Lorie plans to sell the house when the note expires for $304,500. If she achieves this goal, the deal numbers would be as follows:
$304,500 sales price
- $178,500 note principle (85% LTV)
- $31,500 cash paid at closing (15% on 85% LTV)
- $7,140 origination points (4% of the $178,500 principle)
- $8,033 total interest paid (6 months x 9% interest)
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= $79,328 gross 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!
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.
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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Park Place Finance is a nationwide, direct private lender, specializing in Fix and Flip, Bridge, and DSCR loans. With same day approvals and an average 3-5 day close time, Park Place Finance is the business partner you need to get ...
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