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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!
Simpsonville, SC has 50 fix and flip hard money lenders operating in the city. The average note issued is about $305,938. Interest rates on hard money loans made to Simpsonville investors average 10.2%. The median note issued in this city has a term of 17 months. The mean origination for the loans is 3.0 points. 74% is the median LTV for for loans in Simpsonville.
Bruce is a real estate investor in Simpsonville, SC. He finds a run-down property for sale and wants to rehab it and sell it for a profit. The property costs $200,000 but he does not have the full amount so he takes a hard money loan with GJ Finance Group. Since the lender agrees to a 75% loan to value, Bruce will need to put 25% down so the amount of the note will be $150,000. The interest rate on the note is 9% for a length of 18 months and the company requires a two point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the sale of the property.
Bruce will need to fund a total of $32,400 upon closing to pay the $50,000 down payment plus the $3,000 origination fee. The lender will collect $1,125 in monthly interest payments from the borrower. This is calculated by taking the total note amount of $150,000, multiplying by the 9% interest rate, and then dividing that number by 12. Bruce's plan is to finish the rehab within the 18 months and re-sell it for $250,000. If he succeeds he will collect a total profit of $26,750 ($250,000 price - $150,000 principle amount - $50,000 down payment - $3,000 origination points - $20,250 in total interest paid.
Alexander finds a house in Simpsonville, SC to remodel and sell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from Boom Lending Corporation with the following parameters:
$330,000 purchase price
55% loan-to-value (LTV)
6 month term
11% interest rate
1% origination fee
Alexander intends to sell the project at the end of the term for $495,000. If he accomplishes his goal, the deal numbers would be as follows:
$495,000 sales price
- $181,500 principle on note (55% LTV)
- $148,500 down payment (45% on 55% LTV)
- $1,815 origination fee (1% of the $181,500 principle)
- $9,983 interest payments (6 months x 11% interest)
-----------------------
= $153,203 gross profit (doesn't include taxes or renovation 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!
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!
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!
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