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A total of 50 results for fix and flip hard money lenders were found in Muse, PA. Note amounts average about $280,000. Rates for loans average around 12.0%. The mean term for notes is 11 months. The mean points added to the loans is 3.7%. Lenders typically offer a 71% loan-to-value (LTV) on hard money loans in Muse.
Kirk closes on a $240,000 renovation project in Muse, PA, using a hard money loan from Progressive Lending Company. The terms of the loan include a 80% loan-to-value (LTV), so he must contribute 20% of the price as cash to closing, making the principle note amount $192,000. The rate on the note is 9% for a length of 6 months and the company requires a five point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle will be returned after the property sells.
In addition to paying the $9,600 origination fee, Kirk will also fund $48,000 of the purchase with his own money, or 20% of the sales price. After the deal closes, he will pay the lender $1,440 in monthly interest fees, or 9% times $192,000 divided by 12 months in the year. If Kirk meets his goal of a $288,000 sales price when the loan expires, he would collect a gross profit of $29,760 after re-paying the principle amount and subtracting the cash he brought to closing, the origination fee, and the total monthly interest payments.
Bradley takes a fix and flip loan from Blue Door Funding so he can rehab a property to flip in Muse, PA. The loan has the following terms:
a) A $310,000 purchase price, b) a 70% loan-to-value (LTV), c) a 18 month term, d) a 11% interest rate, and e) a 1% origination fee.
Assuming a $372,000 sales price at the end of the 18 month term, the final numbers for the deal would look like the following:
$372,000 sales price
- $217,000 note principle (70% LTV)
- $93,000 cash paid at closing (30% on 70% LTV)
- $2,170 origination points (1% of the $217,000 principle amount)
- $35,805 total interest paid (18 months x 11% interest)
-----------------------
= $24,025 total profit (does not include taxes or renovation costs)
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!
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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LYNK Capital is a fast-growing private lender offering residential renovation, construction, and rental loans. Our team has decades of construction lending experience and we're here to help you through every stage of your project.We lend in: AL, CT, DC, DE, ...
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