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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!
Tyrone, GA has 50 fix and flip hard money lenders serving the city. Note amounts average about $413,929. Interest rates on hard money loans issued to Tyrone borrowers average 12.8%. The average length offered for loans is 38 months. The mean origination for the loans is 3.5 points. Lenders in Tyrone average a 71% loan to value on their loans.
Marta closes on a $390,000 renovation project in Tyrone, GA, using a fix-and-flip loan from Brown Investments. The loan to value (LTV) on the deal is 60%. This means that Marta will bring 40% of the sales price to closing and the principle amount will be $234,000 on the loan. The interest rate on the loan is 13% for a term of 12 months and the lender requires a two point origination fee at closing. The interest payments are to be paid monthly and the principle amount will be returned after the sale of the property.
Marta must contribute a total of $32,400 upon closing to cover the $156,000 down payment in addition to the $4,680 origination fee. The monthly interest only payments will then total $2,535 to the lender. At the end of the note, she sells the rehabed house for $507,000. After deducting the $30,420 in interest payments ($2,535 multiplied by 12 months), the $4,680 origination fee, the $234,000 principle amount on the note, and the $156,000 she brought to closing, she will earn a gross profit of $81,900 ($507,000 sales price minus $425,100 in costs). This profit would then be reduced by any building costs paid by Marta.
Big Lake Investment Group makes a fix and flip loan to Scott for a remodeling project in Tyrone, GA. The deal dictates the following:
a) A $290,000 sales price, b) a 55% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 3% origination fee.
Based on a $435,000 sales price after the 6 month term, the outcome for this deal would look like the following:
$435,000 sales price
- $159,500 note principle (55% LTV)
- $130,500 down payment (45% on 55% LTV)
- $4,785 origination points (3% of the $159,500 principle amount)
- $6,380 interest payments (6 months x 8% interest)
-----------------------
= $133,835 gross profit (does not include taxes or renovation 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!
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.
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