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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!
There are 50 lenders serving Lake City, FL. The average note issued to borrowers is approximately $392,222. Interest rates for loans average about 9.2%. The average term for notes is 33 months. The average note includes a 2.2 point origination fee. Lenders typically offer a 72% loan to value on deals in Lake City.
Sheila takes a private money loan from Cordial Investment Corporation in order to renovate a condo to flip in the Five Points area of Lake City, FL. The list price of the property is $280,000. The lender agrees to issue a loan with a 85% loan to value (LTV) so they will loan $238,000 on the house. The terms of the deal also include a five percent origination fee that will be paid at closing and a 12 month, interest-only note with a 10% rate of interest.
According to the terms of the note, Sheila will be required to pay a $11,900 origination fee plus 15% of the purchase price, or $42,000, based on the 85% LTV. After the deal closes, she will need to pay Cordial Investment Corporation $1,983 in monthly interest payments, or 10% multiplied by $238,000 divided by 12 months in the year. Sheila's intention is to complete the house within the 12 months and re-sell it for $350,000. If she succeeds she will collect a gross profit of $34,300 ($350,000 sales price - $238,000 principle - $42,000 cash at closing - $11,900 origination points - $23,800 in total interest.
Kelsey is a an investor in the Five Points subdivision of Lake City, FL. She locates an older townhouse for a rehab project and takes out a private money loan from Dimension Funding Group with the following features:
$150,000 purchase price
60% loan to value (LTV)
12 month term
9% interest rate
1% origination fee
Assuming a $180,000 sales price at the end of the 12 month term, the outcome for the deal would look like the following:
$180,000 sales price
- $90,000 note principle (60% LTV)
- $60,000 down payment (40% on 60% LTV)
- $900 origination points (1% of the $90,000 principle amount)
- $8,100 interest payments (12 months x 9% interest)
-----------------------
= $21,000 total profit (does not include taxes or renovation costs)
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!
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!
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.
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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(212) 634-7899 - Loan Fundr a premier Nationwide asset-based lender using technology to close loans fast. We think creatively, providing fair and transparent loans that get our clients what they need.
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