
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!
Rockwall, TX has 50 fix-and-flip lenders serving the city. The median loan made is around $312,500. Rates for hard money loans average about 11.2%. The median length for loans is 14 months. The mean loan includes a 3.6 percent origination fee. The average loan-to-value (LTV) for loans in Rockwall is 73%.
Terrie finds a condo in Rockwall, TX to renovate and sell. Since she doesn't have enough cash available to acquire the $150,000 property outright, she decides to take out a fix-and-flip loan from East End Lending Group. The loan to value (LTV) on the deal is 50%. This means that Terrie will need to bring 50% of the sales price to the closing and the principle amount will be $75,000 on the note. The parameters of the loan dictate a 14% note for 18 months. They also require a 4 point origination fee, that will also be paid when the property closes.
In accordance with the parameters of the note, Terrie will be required to contribute a $3,000 origination fee in addition to 50% of the sales price, or $75,000, since there is a 50% LTV. After the loan is executed and Terrie takes over the project, she will have to begin making payments each month of $875 to East End Lending Group ($75,000 principle x 14% / 12 months). If Terrie sells the project for $180,000 after 18 months, she would earn a gross profit of $11,250 after subtracting the principle amount of $75,000, the cash paid at closing of $75,000, the origination fee of $3,000, and the total interest payments of $15,750. This gross profit doesn't account for renovation costs.
Jimmie takes a private money loan from Coastal Funding in order to rehab a townhome to flip in Rockwall, TX. The deal has the following parameters:
a) A $180,000 purchase price, b) a 60% loan to value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 3% origination fee.
If Jimmie succeeds in his goal of a $243,000 sales price, the numbers of the project would be as follows:
$243,000 sales price
- $108,000 loan principle (60% LTV)
- $72,000 down payment (40% on 60% LTV)
- $3,240 origination fee (3% of the $108,000 principle amount)
- $5,940 total interest paid (6 months x 11% interest)
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= $53,820 gross profit (does not include taxes or rehab 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!
We are personally invested in every loan. We deliver easy transactions that are competitively priced and swiftly executed.
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!
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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