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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!
Clovis, NM has 50 private money lenders serving the city. The average amount loaned is $334,375. Interest rates for private loans average around 10.3%. The mean length offered for loans is 33 months. A typical loan offered in the city includes a 3.4 percent origination charge. 71% is the average loan-to-value offered for for loans in Clovis.
Justine closes on a $270,000 renovation project in Clovis, NM, using a hard money loan from East Side Investments. Because the lender agrees to a 85% loan to value, Justine will be required to put 15% down so the total amount of the loan will be $229,500. The parameters of the loan also include a one point origination fee which will be paid at closing and a 12 month, interest-only note with a 11% interest rate.
According to the terms of the deal, Justine will have to pay a $2,295 origination fee plus 15% of the sales price, or $40,500, since there is a 85% LTV. she must then pay $2,104 monthly to the lender. If Justine achieves her goal of a $337,500 sales price at the end of the loan term, she would pocket a total profit of $39,960 after re-paying the principle on the note and deducting the money she brought to closing, the origination points, and the total interest payments.
City Finance Company makes a hard money loan to Darren for a renovation project in Clovis, NM. The deal dictates the following:
a) A $210,000 purchase price, b) a 50% loan to value (LTV), c) a 18 month term, d) a 9% interest rate, and e) a 5% origination fee.
Darren plans to sell the house at the end of the term for $273,000. If he accomplishes his goal, the outcome would be as follows:
$273,000 sales price
- $105,000 principle on note (50% LTV)
- $105,000 cash paid at closing (50% on 50% LTV)
- $5,250 origination points (5% of the $105,000 principle)
- $14,175 total interest paid (18 months x 9% interest)
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= $43,575 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!
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!
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