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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!
Thibodaux, LA has 42 fix-and-flip lenders serving the city. The average loan amount is $292,188. The average interest rate for hard money loans in Thibodaux is 11.4%. The median loan issued in this city is for 19 months. The mean origination fee charged on loans is 3.9%. Lenders in Thibodaux average a 72% loan to value on their deals.
Salvador takes a fix and flip loan from East Star Finance Corporation in order to renovate a townhouse to flip in Thibodaux, LA. The list price of the property is $190,000. The terms of the deal include a 55% loan-to-value (LTV), so he must bring 45% of the price as cash to closing, making the principle note amount $104,500. The rate on the loan is 14% for a term of 6 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.
Salvador will have to bring a total of $32,400 up front to pay the $85,500 down payment plus the $2,090 origination fee. The lender will collect $1,219 in monthly interest payments from the Salvador. This is calculated by taking the total loan amount of $104,500, multiplying by the 14% rate of interest, and then dividing that amount by 12. At the end of the note, he sells the rehabed property for $237,500. After subtracting the $7,315 in interest expenses ($1,219 multiplied times 6 months), the $2,090 origination fee, the $104,500 principle on the note, and the $85,500 he brought to the closing, he will earn a gross profit of $38,095 ($237,500 price minus $199,405 in total costs). This amount would be reduced by any rehab costs paid by the borrow.
Kevin is a an investor in Thibodaux, LA. He finds an older townhouse for a remodeling project and takes a private money loan from All American Funding Corporation with the following features:
$230,000 purchase price
85% loan to value (LTV)
6 month term
11% rate of interest
2% origination fee
If Kevin accomplishes his goal of a $345,000 sales price, the final numbers of the deal will be the following:
$345,000 sales price
- $195,500 principle (85% LTV)
- $34,500 down payment (15% on 85% LTV)
- $3,910 origination points (2% of the $195,500 principle amount)
- $10,753 interest payments (6 months x 11% interest)
-----------------------
= $100,338 total 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!
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