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With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Lake Orion, MI has 50 fix-and-flip lenders operating within the city. In this city, the average loan amount is $290,000. Rates on hard money loans made to Lake Orion borrowers average around 11.7%. The mean loan made in this city has a term of 14 months. The average note includes a 3.6 percent origination charge. Lenders offer on average a 72% LTV on loans in Lake Orion.
Wallace closes on a $190,000 rehab project in Lake Orion, MI, using a fix and flip loan from Brook View Funding Corporation. The loan to value (LTV) on the note is 50%. This means that Wallace will bring 50% of the sales price to closing and the principle amount will be $95,000 on the deal. The loan is interest only, with monthly payments, and is for 12 months at 11% interest with 1 points to be paid when the deal closes.
Therefore, Wallace will need to contribute a $95,000 down payment plus pay a $950 origination fee. The monthly interest only payments will then be $871 to the lender. Wallace's intention is to finish the house by the end of the 12 months and resell it for $285,000. If he succeeds he will make a total profit of $83,600 ($285,000 price - $95,000 principle amount - $95,000 cash at closing - $950 origination fee - $10,450 in interest.
East End Lending Group makes a hard money loan to Ladonna for a remodeling project in Lake Orion, MI. The loan includes the following:
$320,000 sales price
85% loan-to-value (LTV)
12 month term
14% rate of interest
2% origination fee
After the renovation project is completed, if Ladonna sells the house for $400,000, the outcome would be as follows:
$400,000 sales price
- $272,000 principle on note (85% LTV)
- $48,000 cash paid at closing (15% on 85% LTV)
- $5,440 origination fee (2% of the $272,000 principle)
- $38,080 total interest paid (12 months x 14% interest)
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= $36,480 gross profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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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