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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!
Galien, MI has 50 hard money lenders offering loans within the city. In this city, the mean amount for loans is $286,563. Rates for private loans average around 11.0%. The median length offered for notes is 20 months. The mean origination fee charged on the loans is 3.1%. Lenders in Galien average a 76% loan to value (LTV) on their deals.
Terrance finds a townhouse in Galien, MI to rehab and re-sell. Since he does not have enough cash available to purchase the $390,000 property outright, he takes out a hard money loan from Fortune Funding Group. The lender agrees to make a note with a 70% loan to value (LTV) so they are willing to extend $273,000 on the house. The rate on the loan is 8% for a length of 6 months and the lender requires a four point origination fee at closing. The interest payments are to be paid monthly and the principle will be paid back after the sale of the property.
In accordance with the terms of the loan, Terrance will be required to contribute a $10,920 origination fee plus 30% of the sales price, or $117,000, based on the 70% LTV. The lender will collect $1,820 in monthly interest from the borrower. This is calculated by taking the total loan value of $273,000, multiplying by the 8% rate of interest, and then dividing that amount by 12. If Terrance sells the house for $487,500 after 6 months, he would then earn a total profit of $75,660 after subtracting the principle amount of $273,000, the money paid at closing of $117,000, the origination fee of $10,920, and the aggregate interest payments of $10,920. This gross profit does not include building costs.
Dorthy is a an investor in Galien, MI. She purchases a run-down house for a rehab project and obtains a hard money loan from Red Oak Finance Company with the following paramters:
a) A $160,000 sales price, b) a 75% loan-to-value (LTV), c) a 6 month term, d) a 12% interest rate, and e) a 5% origination fee.
If Dorthy succeeds in her goal of a $232,000 sales price, the final numbers of the project will be as follows:
$232,000 sales price
- $120,000 loan principle (75% LTV)
- $40,000 cash paid at closing (25% on 75% LTV)
- $6,000 origination fee (5% of the $120,000 principle amount)
- $7,200 interest payments (6 months x 12% interest)
-----------------------
= $58,800 gross profit (doesn't include taxes or rehab 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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