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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 lenders were found in Temple Hills, MD. The average note issued to borrowers is about $287,500. The average rate for private loans in Temple Hills is 11.1%. The average loan made in the city is 19 months in length. The average loan offered in this city carries a 3.4 point origination charge. 70% is the typical loan-to-value offered for offered by lenders in Temple Hills.
Denise is a house flipper in Temple Hills, MD. She finds an run-down property in the Marlow Heights neighborhood and wants to renovate it and sell it for a profit. The house has a cost of $270,000 but she doesn't have the full amount so she takes a private money loan with Riverside Funding Company. The loan-to-value (LTV) on the deal is 50%. This means Denise will have to bring 50% of the purchase price to the closing and the principle amount will be $135,000 on the loan. The parameters of the loan also stipulate a three point origination fee that is to be paid at the closing and a 6 month, interest only note with a 9% interest rate.
In addition to paying the $4,050 origination fee, Denise will also have to fund $135,000 of the purchase with her own money, or 50% of the purchase price. Once the deal closes, she will pay Riverside Funding Company $1,013 in monthly interest fees, or 9% multiplied by $135,000 divided by 12 months in a year. Denise's intention is to finish the project within the 6 months and sell it for $337,500. If she succeeds she will make a total profit of $57,375 ($337,500 sales price - $135,000 principle amount - $135,000 cash at closing - $4,050 origination fee - $6,075 in total interest paid.
Candy is a an investor in the Marlow Heights neighborhood of Temple Hills, MD. She purchases an older house for a remodeling project and obtains a private money loan from Downtown Funding Company with the following paramters:
a) A $370,000 purchase price, b) a 85% loan-to-value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 5% origination fee.
Based on a $444,000 sales price after the 12 month term, the numbers for this project would look like this:
$444,000 sales price
- $314,500 loan principle (85% LTV)
- $55,500 down payment (15% on 85% LTV)
- $15,725 origination points (5% of the $314,500 principle)
- $34,595 total interest paid (12 months x 11% interest)
-----------------------
= $23,680 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!
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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