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With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Franklin, MA has 50 lenders operating within the city. The median loan amount in the city is $292,188. Interest rates for loans average 10.7%. The mean term offered for loans is 18 months. A typical loan made in the city carries a 2.9 point origination fee. The typical loan-to-value offered for loans in Franklin is 73%.
Ian finds a property in Franklin, MA to remodel and resell. Since he does not have enough cash to buy the $180,000 house outright, he takes out a private money loan from GJ Funding Company. The loan to value (LTV) on the note is 85%. This means Ian will have to bring 15% of the sales price to closing and the principle will be $153,000 on the loan. The interest rate on the loan is 11% for a term of 12 months and the company requires a one point origination fee at the close. The interest payments are to be paid monthly and the principle will be returned after the property sells.
Ian must bring a total of $32,400 up front to pay the $27,000 down payment plus the $1,530 origination fee. The lender will collect $1,403 in monthly interest payments from the borrower. This is calculated by taking the total loan value of $153,000, multiplying by the 11% interest rate, and then dividing that number by 12. If Ian sells the property for $216,000 after 12 months, he would then earn a gross profit of $17,640 after subtracting the original principle of $153,000, the money paid at closing of $27,000, the origination fee of $1,530, and the total interest payments of $16,830. This gross profit does not include building costs.
Peter locates a property in Franklin, MA to remodel and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money loan from Blue Square Finance with the following parameters:
a) A $170,000 sales price, b) a 70% loan-to-value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 3% origination fee.
If Peter achieves his goal of a $238,000 sales price, the outcome of the project will be the following:
$238,000 sales price
- $119,000 note principle (70% LTV)
- $51,000 down payment (30% on 70% LTV)
- $3,570 origination points (3% of the $119,000 principle amount)
- $17,850 interest payments (18 months x 10% interest)
-----------------------
= $46,580 gross profit (doesn't include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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