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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!
There are 50 private money lenders operating in Elfers, FL. The mean loan amount in this city is $442,857. Rates for hard money loans average about 10.2%. The average term for loans is 34 months. The average points charged for the loans is 3.1%. Lenders in Elfers average a 69% loan-to-value on their loans.
Billy closes on a $240,000 rehab project in the South River area of Elfers, FL, using a private money loan from Cordial Investment Group. Since the lender sets a 65% loan-to-value, Billy will need to put 35% down and the principle amount of the loan will be $156,000. The terms of the loan also stipulate a four percent origination fee which is to be paid at the closing and a 18 month, interest only note with a 8% interest rate.
On top of the $6,240 origination fee, Billy will also fund $84,000 of the purchase with his own money, or 35% of the sales price. After the loan closes, he will pay the lender $1,040 in monthly interest fees, or 8% multiplied times $156,000 divided by 12 months in a year. If Billy achieves his goal of a $300,000 sales price when the loan expires, he would collect a gross profit of $35,040 after re-paying the principle amount and deducting the money he contributed at closing, the origination points, and the total interest payments.
Ramon is a an investor in the South River area of Elfers, FL. He locates a run-down property for a remodeling project and obtains a hard money loan from Suburban Investments with the following terms:
a) A $310,000 purchase price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 1% origination fee.
Assuming a $434,000 sales price at the end of the 12 month term, the final numbers for this project would look like the following:
$434,000 sales price
- $248,000 note principle (80% LTV)
- $62,000 down payment (20% on 80% LTV)
- $2,480 origination points (1% of the $248,000 principle amount)
- $19,840 interest payments (12 months x 8% interest)
-----------------------
= $101,680 total 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!
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.
Temple View Capital is a private lender headquartered in Bethesda, MD. They provide loans in 46 states throughout the US. They provide short-term and long-term fix and flip loans, loans for rental properties, bridge loans, and ground-up new construction loans ...
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Capital Funding Financial is a family operated licensed private lender specializing in asset based investment properties nationwide.We close loans in 3-7 DAYS due to our NO Credit or Income Verification and NO Appraisal Requirement (BPO Instead)!We self fund our loans ...
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using their own ...
The Associates Home Loan of Florida is a Tampa, FL based private money lender. They offer funding in Florida. They provide lending solutions for a variety of scenarios, including hard money loans for commercial properties, short term fix ...
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Based in Atlanta, GA, Angel Oak Prime Bridge is an asset-based lender offering loans throughout Georgia. They provide loans for many different scenarios, including fix-and-flip hard money loans, short term bridge loans, construction loans, and investment property loans. ...
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