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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!
Mcalester, OK has 50 lenders serving the city. The median amount for loans in the city is $298,438. Rates on hard money loans made to Mcalester investors average about 12.1%. 23 months is the median term for loans made in the city. The mean note includes a 4.0 point origination charge. Lenders in Mcalester average a 73% loan to value (LTV) on their deals.
George closes on a $270,000 renovation project in Mcalester, OK, using a private money loan from Dimension Funding Group. The lender agrees to write a loan with a 55% loan to value (LTV) so they are willing to loan $148,500 on the property. The parameters of the loan dictate a 8% note for 12 months. They also stipulate a 3 point origination fee, that will also need to be paid when the property closes.
The borrower will need to fund a total of $32,400 up front to cover the $121,500 down payment in addition to the $4,455 origination fee. The lender will collect $990 in monthly interest from the George. This is computed by taking the full note amount of $148,500, multiplying by the 8% interest rate, and then dividing that amount by 12. If George sells the property for $391,500 after 12 months, he would then make a total profit of $105,165 after deducting the principle of $148,500, the cash contributed at the close of $121,500, the origination points of $4,455, and the aggregate interest payments of $11,880. This amount does not include remodeling costs.
Tyler is a an investor in Mcalester, OK. He purchases an older house for a remodeling project and takes out a private money loan from GJ Funding with the following features:
$290,000 sales price
85% loan-to-value (LTV)
6 month term
8% interest rate
2% origination fee
If Tyler accomplishes his goal of a $435,000 sales price, the numbers of the deal would be as follows:
$435,000 sales price
- $246,500 note principle (85% LTV)
- $43,500 cash paid at closing (15% on 85% LTV)
- $4,930 origination points (2% of the $246,500 principle)
- $9,860 total interest paid (6 months x 8% interest)
-----------------------
= $130,210 total profit (does not include taxes or rehab 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!
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