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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!
Lewiston, NY has 50 private money lenders operating in the city. The mean note issued is around $299,250. The mean rate for loans in Lewiston is 10.0%. The mean loan issued in this city is 80 months in length. The mean note includes a 3.2 point origination fee. Lenders typically offer a 73% loan-to-value on hard money loans in Lewiston.
Blue Door Lending Company issues a loan to Randall for a renovation project in Lewiston, NY, on a house that is listed for $380,000. The loan to value (LTV) on the deal is 75%. This means Randall will have to bring 25% of the purchase price to closing and the principle amount will be $285,000 on the loan. The loan is interest-only, paid monthly, and is for 6 months at 14% interest with 3 origination points to be paid at closing.
On top of the $8,550 origination fee, Randall will also fund $95,000 of the purchase with his own funds, or 25% of the purchase price. After the deal closes, he will have to pay Blue Door Lending Company $3,325 in monthly interest fees, or 14% multiplied times $285,000 divided by 12 months in a year. If he sells the renovated house for $532,000 at the end of the 6 month term, his total profit (not accounting for renovation costs) would be $123,500. This is calculated by taking the sales price ($532,000) and subtracting the original note amount ($285,000), the origination cost ($8,550), the money he contributed to closing ($95,000), and the total interest expenses ($19,950).
Bruce takes a loan from Rising Sun Lending Company in order to renovate a property to resell in Lewiston, NY. The loan has the following parameters:
a) A $370,000 sales price, b) a 55% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 4% origination fee.
If Bruce achieves his goal of a $462,500 sales price, the numbers of the deal would be the following:
$462,500 sales price
- $203,500 note principle (55% LTV)
- $166,500 down payment (45% on 55% LTV)
- $8,140 origination fee (4% of the $203,500 principle amount)
- $42,735 interest payments (18 months x 14% interest)
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= $41,625 gross profit (does not include taxes or rehab 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!
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