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With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Palm City, FL has 50 private money lenders serving the city. In this city, the median amount loaned is $292,500. Rates for private loans average around 12.1%. 18 months is the median term for loans issued in this city. The mean origination percentage charged for the loans is 3.3%. Lenders in Palm City average a 71% loan to value on their deals.
Janine is a house flipper in Palm City, FL. She finds an older property and decides to remodel it and sell it for a profit. The property costs $290,000 but she does not have the full amount so she obtains a hard money loan with Green Fern Lending Group. Because the lender sets a 65% loan-to-value, Janine will be required to put 35% down and the total amount of the note will be $188,500. The note is interest only, with monthly payments, and is for 12 months at 14% interest with 1 points to be paid at the closing.
Therefore, the borrower will need to make a $101,500 down payment plus pay a $1,885 origination fee. she will then pay $2,199 per month to Green Fern Lending Group. At the end of the loan, she sells the rehabed property for $391,500. After deducting the $26,390 in interest payments ($2,199 multiplied times 12 months), the $1,885 origination fee, the $188,500 principle on the loan, and the $101,500 she contributed to closing, she will make a gross profit of $73,225 ($391,500 sales price minus $318,275 in costs). This amount would then be reduced by any renovation costs paid by the borrow.
Gilbert locates a property in Palm City, FL to remodel and sell. Because he does not have enough cash to buy the property outright, he takes a hard money loan from North Side Lending Company with the following parameters:
a) A $390,000 sales price, b) a 55% loan to value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 4% origination fee.
Gilbert intends to sell the house at the end of the term for $546,000. If he succeeds, the final numbers would be as follows:
$546,000 sales price
- $214,500 principle (55% LTV)
- $175,500 cash paid at closing (45% on 55% LTV)
- $8,580 origination fee (4% of the $214,500 principle)
- $19,305 interest payments (12 months x 9% interest)
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= $128,115 gross profit (doesn't include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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