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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.
A total of 50 records for fix and flip lenders were found in Carter, KY. The mean note issued is approximately $281,563. The mean interest rate for loans in Carter is 11.0%. The mean note issued in this city is for 41 months. The average origination for loans is 2.2 points. Lenders in Carter average a 75% loan to value on their loans.
Rick finds a townhome in Carter, KY to flip and resell. Since he doesn't have enough cash on-hand to acquire the $210,000 house outright, he takes out a private money loan from Oak Hill Lending. The loan-to-value (LTV) on the loan is 75%. This means that Rick will need to bring 25% of the sales price to the closing and the principle amount will be $157,500 on the loan. The rate on the note is 12% for a length of 6 months and the company requires a two point origination fee at closing. The interest is to be paid monthly and the principle amount will be paid back after the sale of the property.
Rick will have to contribute a total of $32,400 up front to cover the $52,500 down payment in addition to the $3,150 origination fee. Once the deal closes, he will have to pay Oak Hill Lending $1,575 in monthly interest fees, or 12% multiplied by $157,500 divided by 12 months in the year. At the expiration of the note, he sells the rehabed house for $262,500. After subtracting the $9,450 in interest payments ($1,575 multiplied by 6 months), the $3,150 origination fee, the $157,500 principle amount on the note, and the $52,500 he contributed to the closing, he will earn a gross profit of $39,900 ($262,500 price minus $222,600 in costs). This profit would be reduced by any rehab costs paid by Rick.
Allstar Investment Group issues a loan to Tamika for a rehab project in Carter, KY. The loan includes the following:
a) A $310,000 sales price, b) a 55% loan to value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 4% origination fee.
Based on a $372,000 sales price at the end of the 6 month term, the numbers for the project would look like this:
$372,000 sales price
- $170,500 principle (55% LTV)
- $139,500 cash paid at closing (45% on 55% LTV)
- $6,820 origination points (4% of the $170,500 principle)
- $9,378 interest payments (6 months x 11% interest)
-----------------------
= $45,803 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.
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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LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
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Aegis Funding is hard money lender based in Huntington Beach, CA. They provide loans throughout California. They offer lending solutions for a variety of needs and situations, including fix and flip loans and long term rental property loans. They issue ...
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Mortgage Man Funding is private lender headquartered in Louisville, KY. They offer funding in Louisville, Indianapolis, and Cincinnati. They offer fix and flip loans and short term bridge loans. They offer loans with a ...
Headquartered in Chicago, IL, Renovo Financial is an asset-based lender providing funding across these locations: Chicago, Milwaukee, Detroit, Indianapolis, Cleveland, Cincinnati, Columbus, Philadelphia, Atlanta, Orlando, Tampa, Miami, Austin, San Antonio, Houston, St Louis, and Kansas City. They provide ...
Hard Money Company is a Vienna, VA based private money lender. They offer funding in Miami, Fort Lauderdale, and Key West. They offer loans for many different situations, including fix and flip loans and short term bridge ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
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