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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!
Derry, NH has 50 lenders operating within the city. The median loan amount in the city is $345,000. Interest rates for loans average 11.9%. The mean term offered for loans is 15 months. A typical loan made in the city carries a 2.9 point origination fee. The typical loan-to-value offered for loans in Derry is 74%.
Adele closes on a $280,000 rehab project in Derry, NH, using a private money loan from Progressive Funding Company. The lender agrees to issue a loan with a 60% loan to value (LTV) so they will loan $168,000 on the house. The note is interest-only, with monthly payments, and is for 18 months at 12% interest with 1 origination points paid at the closing.
On top of the $1,680 origination fee, Adele will also need to fund $112,000 of the purchase with her own funds, or 40% of the purchase price. Once the loan closes, she will have to pay the lender $1,680 in monthly interest payments, or 12% multiplied by $168,000 divided by 12 months in a year. At the end of the loan, she sells the renovated property for $378,000. After subtracting the $30,240 in total interest payments ($1,680 multiplied by 18 months), the $1,680 origination fee, the $168,000 principle on the loan, and the $112,000 she brought to the closing, she will make a total profit of $66,080 ($378,000 price minus $311,920 in total costs). This profit would then be reduced by any building costs paid by Adele.
Urban Investment Corporation issues a loan to Stephanie for a rehab project in Derry, NH. The loan includes the following:
a) A $170,000 sales price, b) a 70% loan-to-value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 3% origination fee.
Stephanie intends to sell the project at the end of the term for $246,500. If she accomplishes her goal, the final numbers would be as follows:
$246,500 sales price
- $119,000 principle on note (70% LTV)
- $51,000 cash paid at closing (30% on 70% LTV)
- $3,570 origination points (3% of the $119,000 principle amount)
- $4,760 interest payments (6 months x 8% interest)
-----------------------
= $68,170 gross profit (doesn't 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!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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