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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!
Centereach, NY has 50 lenders serving the city. Loan amounts average approximately $285,500. Interest rates on private loans made to Centereach borrowers average around 11.7%. The mean length offered for loans is 18 months. The mean loan includes a 3.1 percent origination charge. Lenders in Centereach average a 73% loan to value (LTV) on their loans.
Catalina is an investor in Centereach, NY. She finds a run-down property for sale and wants to rehab it and sell it for a profit. The property has a cost of $330,000 but she does not have the full amount so she takes out a private money loan with Coastal Investment Group. The loan-to-value (LTV) on the loan is 70%. This means Catalina will need to bring 30% of the purchase price to the closing and the principle amount will be $231,000 on the loan. The deal also consists of these features: 1) a 18 month term, 2) a 12% interest-only note, and 3) a one percent origination charge.
Catalina will need to contribute $99,000 to closing (30% on the 70% loan to value), plus she will need to pay the $2,310 origination fee. she will then pay $2,310 per month to the lender. Catalina's plan is to complete the rehab by the end of the 18 months and sell it for $478,500. If she succeeds she will make a gross profit of $104,610 ($478,500 price - $231,000 principle amount - $99,000 cash at closing - $2,310 origination fee - $41,580 in total interest.
Erik locates a house in Centereach, NY to remodel and sell. Because he does not have enough cash to buy the property outright, he takes a hard money loan from Blue Sky Funding Company with the following parameters:
a) A $150,000 sales price, b) a 85% loan-to-value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 2% origination fee.
Erik intends to list the property at the end of the term for $225,000. If he achieves this goal, the outcome will be the following:
$225,000 sales price
- $127,500 principle (85% LTV)
- $22,500 cash paid at closing (15% on 85% LTV)
- $2,550 origination fee (2% of the $127,500 principle amount)
- $17,213 interest payments (18 months x 9% interest)
-----------------------
= $55,238 total profit (doesn't include taxes or rehab 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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