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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!
Perry, GA has 50 private money lenders offering loans in the city. Loan amounts average around $287,500. Interest rates on hard money loans made to Perry investors average 10.8%. The average loan made in the city has a term of 15 months. The average loan includes a 3.4 point origination charge. The average loan to value for loans in Perry is 75%.
Victoria takes a hard money loan from West Shore Finance in order to remodel a property to flip in Perry, GA. The list price of the house is $150,000. The loan-to-value (LTV) on the loan is 60%. This means Victoria will need to bring 40% of the purchase price to closing and the principle amount will be $90,000 on the loan. The loan is interest-only, paid monthly, and is for 12 months at 12% interest with 4 origination points to be paid when the deal closes.
Victoria will need to bring $60,000 to closing (40% on the 60% loan to value), plus she will have to pay the $3,600 origination fee. The lender will collect $900 in monthly interest from the Victoria. This is calculated by taking the full loan amount of $90,000, multiplying by the 12% rate of interest, and then dividing that amount by 12. If Victoria sells the project for $210,000 after 12 months, she would realize a total profit of $45,600 after deducting the original principle of $90,000, the money paid at closing of $60,000, the origination fee of $3,600, and the total interest payments of $10,800. This profit does not include building costs.
Lorena is a an investor in Perry, GA. She buys a run-down property for a renovation project and obtains a hard money loan from Flourish Funding Company with the following paramters:
a) A $370,000 purchase price, b) a 65% loan to value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 4% origination fee.
If Lorena achieves her goal of a $462,500 sales price, the numbers of the project would be as follows:
$462,500 sales price
- $240,500 principle (65% LTV)
- $129,500 cash paid at closing (35% on 65% LTV)
- $9,620 origination fee (4% of the $240,500 principle amount)
- $50,505 total interest paid (18 months x 14% interest)
-----------------------
= $32,375 total profit (doesn't 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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Sherman Bridge Lending is a hard money lender headquartered in Irving, TX.They current lend in the following states: AL, CA, CO, FL, GA, KS, KY, MD, MO, NJ, NC, OH, OK, PA, SC, TN, TX, VA, WI and the District ...
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