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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!
Mount Hamilton, CA has 50 fix and flip hard money lenders operating within the city. In this city, the average note amount is $318,167. Rates for private loans average around 10.2%. The median term offered for loans is 28 months. The average note includes a 2.9 point origination fee. 70% is the median loan to value offered for for loans in Mount Hamilton.
River View Finance Group makes a private money loan to Felix for a remodeling project in Mount Hamilton, CA, on a property that is listed for $350,000. The terms of the deal include a 60% loan-to-value (LTV), so he must bring 40% of the price as cash to closing, which makes the principle loan amount $210,000. The note is interest-only, paid monthly, and is for 12 months at 10% interest with 3 origination points to be paid at the closing.
The borrower must contribute a total of $32,400 up front to cover the $140,000 down payment in addition to the $6,300 origination fee. The monthly interest-only payments will then total $1,750 to River View Finance Group. If Felix sells the property for $525,000 after 12 months, he would then earn a total profit of $147,700 after deducting the original principle of $210,000, the money contributed at the close of $140,000, the origination points of $6,300, and the total interest payments of $21,000. This profit doesn't account for building costs.
Maria is a an investor in Mount Hamilton, CA. She finds a run-down property for a renovation project and obtains a private money loan from Uptown Finance Group with the following features:
$290,000 purchase price
70% loan to value (LTV)
18 month term
9% interest rate
4% origination fee
If Maria accomplishes her goal of a $377,000 sales price, the outcome of the project would be as follows:
$377,000 sales price
- $203,000 principle (70% LTV)
- $87,000 cash paid at closing (30% on 70% LTV)
- $8,120 origination fee (4% of the $203,000 principle)
- $27,405 total interest paid (18 months x 9% interest)
-----------------------
= $51,475 gross 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!
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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