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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!
Riverhead, NY has 50 fix and flip lenders offering loans within the city. The median amount loaned in the city is $305,500. The median rate for loans in Riverhead is 11.3%. 17 months is the median length for notes issued in the city. The mean note includes a 2.7 point origination fee. Lenders typically offer a 72% loan to value (LTV) on hard money loans in Riverhead.
Dan closes on a $270,000 renovation project in the Riverside neighborhood of Riverhead, NY, using a private money loan from K & M Investment Company. The borrower will have to bring 50% of the sales price in cash to closing based on a 50% loan-to-value stipulated by the lending company. This makes the principle note from K & M Investment Company $135,000. The deal also includes these features: 1) a 12 month term, 2) a 12% interest only note, and 3) a five point origination fee.
On top of the $6,750 origination fee, Dan will also have to fund $135,000 of the purchase with his own money, or 50% of the sales price. he will then pay $1,350 monthly to K & M Investment Company. If Dan sells the house for $337,500 after 12 months, he would then make a total profit of $44,550 after deducting the original principle of $135,000, the money contributed at closing of $135,000, the origination fee of $6,750, and the total interest payments of $16,200. This gross profit doesn't include building costs.
XYZ Funding Group issues a fix and flip loan to Earl for a rehab project in the Riverside area of Riverhead, NY. The loan dictates the following:
$320,000 purchase price
65% loan to value (LTV)
6 month term
11% interest rate
1% origination fee
Earl plans to list the house at the end of the term for $480,000. If he achieves this goal, the deal numbers would be the following:
$480,000 sales price
- $208,000 note principle (65% LTV)
- $112,000 cash paid at closing (35% on 65% LTV)
- $2,080 origination points (1% of the $208,000 principle amount)
- $11,440 interest payments (6 months x 11% interest)
-----------------------
= $146,480 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!
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!
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!
Temple View Capital is a private lender headquartered in Bethesda, MD. They provide loans in 46 states throughout the US. They provide short-term and long-term fix and flip loans, loans for rental properties, bridge loans, and ground-up new construction loans ...
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