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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!
Myersville, MD has 50 private money lenders offering loans within the city. The mean note amount in the city is $300,000. Rates for private loans average about 11.6%. The average length offered for loans is 38 months. The average loan issued in the city carries a 3.2 point origination fee. Lenders offer on average a 74% loan-to-value (LTV) on loans in Myersville.
Dale closes on a $170,000 rehab project in Myersville, MD, using a hard money loan from Red City Finance Group. The lender agrees to issue a loan with a 75% loan-to-value (LTV) so they will extend $127,500 on the project. The loan also has these features: 1) a 6 month length, 2) a 14% interest only note, and 3) a four percent origination charge.
Dale will have to bring $42,500 at the closing (25% on the 75% loan-to-value), plus he will pay the $5,100 origination fee. The monthly interest only payments will then be $1,488 to Red City Finance Group. If Dale sells the property for $204,000 after 6 months, he would then realize a gross profit of $19,975 after subtracting the original principle of $127,500, the money contributed at the close of $42,500, the origination fee of $5,100, and the aggregate interest payments of $8,925. This profit doesn't account for rehab costs.
Willa is a real estate investor in Myersville, MD. She finds an older property for a rehab project and takes a hard money loan from All Star Finance Company with the following paramters:
$390,000 purchase price
50% loan to value (LTV)
12 month term
11% interest rate
2% origination fee
Willa intends to list the property at the end of the term for $487,500. If she accomplishes her goal, the final numbers will be as follows:
$487,500 sales price
- $195,000 loan principle (50% LTV)
- $195,000 down payment (50% on 50% LTV)
- $3,900 origination fee (2% of the $195,000 principle)
- $21,450 total interest paid (12 months x 11% interest)
-----------------------
= $72,150 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!
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!
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!
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