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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 hard money lenders serving Hooksett, NH. In this city, the average amount loaned is $307,500. Rates on loans issued to Hooksett borrowers average around 11.8%. The mean note issued in the city is for 39 months. The average note includes a 2.5 percent origination charge. Lenders in Hooksett average a 80% loan-to-value (LTV) on their loans.
Patty finds a house in Hooksett, NH to renovate and sell. Since she does not have enough cash on-hand to purchase the $260,000 project outright, she takes out a private money loan from South Star Investments. The terms of the deal include a 85% loan to value (LTV), so she must contribute 15% of the price as cash to closing, making the principle loan amount $221,000. The parameters of the deal dictate a 13% note for 18 months. They also stipulate a 1 point origination fee, which will also be paid when the property closes.
The borrower must bring a total of $32,400 upon closing to cover the $39,000 down payment in addition to the $2,210 origination fee. After the deal closes, she will need to pay South Star Investments $2,394 in monthly interest payments, or 13% multiplied times $221,000 divided by 12 months in a year. At the expiration of the loan, she sells the rehabed house for $364,000. After subtracting the $43,095 in total interest payments ($2,394 multiplied times 18 months), the $2,210 origination fee, the $221,000 principle amount on the loan, and the $39,000 she contributed to the closing, she will earn a gross profit of $58,695 ($364,000 sales price minus $305,305 in total costs). This profit would be reduced by any rehab costs paid out of pocket.
Ila finds a townhouse in Hooksett, NH to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a hard money loan from Easy Brook Investments with the following parameters:
$210,000 purchase price
85% loan-to-value (LTV)
6 month term
13% interest rate
1% origination fee
Based on a $273,000 sales price after the 6 month term, the numbers for this deal would look like this:
$273,000 sales price
- $178,500 principle on note (85% LTV)
- $31,500 down payment (15% on 85% LTV)
- $1,785 origination points (1% of the $178,500 principle amount)
- $11,603 total interest paid (6 months x 13% interest)
-----------------------
= $49,613 total profit (does not 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!
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