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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 hard money lenders were found in Porter, TX. The mean note issued is around $300,000. Interest rates on hard money loans made to Porter borrowers average 10.7%. 15 months is the mean term for loans issued in this city. The mean note includes a 2.9 percent origination cost. Lenders typically offer a 74% LTV on deals in Porter.
City Funding makes a hard money loan to Gerald for a rehab project in Porter, TX, on a house that costs $300,000. Because the lender sets a 85% loan to value, Gerald will have to put 15% down and the amount of the note will be $255,000. The rate on the note is 10% for a length of 18 months and the company requires a two point origination fee at the close. The interest is to be paid monthly and the principle will be paid back after the property sells.
Therefore, the borrower will be required to contribute a $45,000 down payment plus pay a $5,100 origination fee. City Funding will collect $2,125 in monthly interest payments from the borrower. This is calculated by taking the total note value of $255,000, multiplying that by the 10% interest rate, and then dividing that number by 12. If Gerald accomplishes his goal of a $390,000 sales price when the loan term expires, he would collect a gross profit of $46,650 after re-paying the principle and deducting the cash he brought to closing, the origination fee, and the monthly interest payments.
Investors Finance Company makes a private money loan to Norman for a renovation project in Porter, TX. The deal dictates the following:
a) A $190,000 purchase price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 2% origination fee.
Once the rehab project is completed, if Norman sells the house for $256,500, the numbers would be the following:
$256,500 sales price
- $123,500 principle on note (65% LTV)
- $66,500 cash paid at closing (35% on 65% LTV)
- $2,470 origination points (2% of the $123,500 principle)
- $16,055 total interest paid (12 months x 13% interest)
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= $47,975 total profit (does not include taxes or rehab 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!
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!
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!
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.
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