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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!
Fox Lake, IL has 50 hard money lenders offering loans in the city. Loan amounts average approximately $297,500. Interest rates for loans average around 10.8%. The median loan made in this city is 28 months in length. The mean origination fee applied to the loans is 3.1%. 71% is the median loan to value offered for offered by lenders in Fox Lake.
Greg is a real estate investor in Fox Lake, IL. He discovers a run-down property for sale and decides to renovate it and re-sell it for a profit. The property has a cost of $190,000 but he does not have the full amount so he takes out a hard money loan with Big Lake Funding Corporation. Because the lender sets a 75% loan to value, Greg will be required to put 25% down so the total amount of the note will be $142,500. The note is interest only, with monthly payments, and is for 18 months at 10% interest with 5 origination points paid at closing.
In accordance with the parameters of the loan, Greg will be required to pay a $7,125 origination fee plus 25% of the purchase price, or $47,500, since there is a 75% LTV. he must then pay $1,188 monthly to Big Lake Funding Corporation. At the expiration of the loan, he sells the renovated property for $237,500. After deducting the $21,375 in total interest payments ($1,188 multiplied times 18 months), the $7,125 origination fee, the $142,500 principle on the loan, and the $47,500 he brought to the closing, he will earn a gross profit of $19,000 ($237,500 sales price minus $218,500 in total costs). This profit would be reduced by any building costs paid by the borrow.
Scott is a an investor in Fox Lake, IL. He locates a run-down house for a renovation project and obtains a hard money loan from Advanced Finance Company with the following paramters:
$400,000 purchase price
50% loan-to-value (LTV)
6 month term
10% interest rate
3% origination fee
If Scott succeeds in his goal of a $480,000 sales price, the final numbers of the deal would be the following:
$480,000 sales price
- $200,000 note principle (50% LTV)
- $200,000 cash paid at closing (50% on 50% LTV)
- $6,000 origination points (3% of the $200,000 principle)
- $10,000 interest payments (6 months x 10% interest)
-----------------------
= $64,000 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!
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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