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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!
Preston, MD has 50 private money lenders in the city. The average loan made to borrowers is around $300,000. Interest rates for private loans average around 11.2%. 18 months is the average term for loans made in the city. The average origination fee for loans is 3.2 points. 66% is the typical loan to value offered for for loans in Preston.
Magdalena is an investor in Preston, MD. She finds an older property and wants to rehab it and sell it for a profit. The property has a cost of $150,000 but she doesn't have the full amount so she takes out a private money loan with West Shore Investment Corporation. The loan to value (LTV) on the loan is 80%. This means Magdalena will have to bring 20% of the sales price to closing and the principle will be $120,000 on the deal. The deal also consists of these features: 1) a 6 month term, 2) a 8% interest only note, and 3) a one point origination charge.
Accordingly, Magdalena will be required to make a $30,000 down payment plus pay a $1,200 origination fee. The monthly interest only payments will then total $800 to the lender. If she sells the rehabed house for $202,500 at the end of the 6 month term, her gross profit (not including remodeling costs) would be $46,500. This is calculated by taking the sales price ($202,500) and subtracting the original note amount ($120,000), the origination cost ($1,200), the cash she contributed to closing ($30,000), and the total interest expenses ($4,800).
Dimension Investments makes a private money loan to Allyson for a renovation project in Preston, MD. The deal dictates the following:
$400,000 sales price
80% loan to value (LTV)
18 month term
12% interest rate
4% origination fee
Assuming a $520,000 sales price after the 18 month term, the final numbers for the project would look like the following:
$520,000 sales price
- $320,000 principle (80% LTV)
- $80,000 cash paid at closing (20% on 80% LTV)
- $12,800 origination fee (4% of the $320,000 principle amount)
- $57,600 total interest paid (18 months x 12% interest)
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= $49,600 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!
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