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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!
Aragon, GA has 50 hard money lenders serving the city. The median loan amount is $416,072. Rates for hard money loans average about 10.8%. The mean note issued in this city is for 42 months. The mean origination fee charged for loans is 3.4%. Lenders typically offer a 73% loan to value (LTV) on loans in Aragon.
Calvin finds a condo in Aragon, GA to remodel and sell. Since he does not have enough cash on-hand to purchase the $390,000 project outright, he takes out a hard money loan from Presitge Funding Group. The loan-to-value (LTV) on the deal is 55%. This means Calvin will need to bring 45% of the sales price to the closing and the principle will be $214,500 on the note. The terms of the note also stipulate a two percent origination fee that will be paid at the closing and a 18 month, interest only note with a 10% rate of interest.
In addition to paying the $4,290 origination fee, Calvin will also fund $175,500 of the purchase with his own cash, or 45% of the sales price. Once the loan closes, he will pay the lender $1,788 in monthly interest fees, or 10% multiplied by $214,500 divided by 12 months in a year. At the expiration of the note, he sells the renovated property for $526,500. After subtracting the $32,175 in interest payments ($1,788 multiplied by 18 months), the $4,290 origination fee, the $214,500 principle on the note, and the $175,500 he brought to the closing, he will earn a total profit of $100,035 ($526,500 sales price minus $426,465 in total costs). This profit would then be reduced by any building costs paid by Calvin.
Louis locates a house in Aragon, GA to renovate and re-sell. Since he does not have enough cash to buy the property outright, he takes a hard money loan from Big Money Finance Company with the following parameters:
a) A $190,000 sales price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 4% origination fee.
Assuming a $228,000 sales price at the end of the 12 month term, the final numbers for this project would look like the following:
$228,000 sales price
- $123,500 principle on note (65% LTV)
- $66,500 cash paid at closing (35% on 65% LTV)
- $4,940 origination points (4% of the $123,500 principle amount)
- $9,880 interest payments (12 months x 8% interest)
-----------------------
= $23,180 total profit (does not 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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