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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!
Sparks Glencoe, MD has 50 private money lenders operating in the city. The average note issued is about $308,929. Interest rates on hard money loans made to Sparks Glencoe investors average 10.3%. The median note issued in this city has a term of 23 months. The mean origination for the loans is 3.9 points. 73% is the median LTV for for loans in Sparks Glencoe.
Warren takes a hard money loan from K & M Investment Group in order to remodel a house to resale in Sparks Glencoe, MD. The sales price of the property is $260,000. The terms of the deal include a 75% loan-to-value (LTV), so he must bring 25% of the price as cash to closing, making the principle loan amount $195,000. The loan also has the following features: 1) a 6 month term, 2) a 14% interest-only note, and 3) a two point origination fee.
Accordingly, the borrower will be required to make a $65,000 down payment plus pay a $3,900 origination fee. The monthly interest-only payments will then be $2,275 to K & M Investment Group. If Warren accomplishes his goal of a $351,000 total sales price at the end of the loan term, he would make a total profit of $73,450 after re-paying the principle on the note and deducting the money he contributed at closing, the origination fee, and the total interest payments.
Christopher takes a private money loan from Blue Square Finance Company so he can remodel a property to flip in Sparks Glencoe, MD. The deal has the following terms:
$380,000 sales price
50% loan-to-value (LTV)
6 month term
13% rate of interest
3% origination fee
Assuming a $475,000 sales price after the 6 month term, the outcome for this deal would look like the following:
$475,000 sales price
- $190,000 loan principle (50% LTV)
- $190,000 cash paid at closing (50% on 50% LTV)
- $5,700 origination points (3% of the $190,000 principle)
- $12,350 total interest paid (6 months x 13% interest)
-----------------------
= $76,950 total profit (doesn't include taxes or renovation 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!
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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.
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Great Jones Capital is hard money lender headquartered in Washington DC. They provide loans throughout Washington DC, Maryland, and Virginia. They offer loans for a variety of scenarios, including fix and flip hard money loans, private ...
Patch Lending (formally Patch of Land) is a national private lender offering real estate investors fast and reliable financing for investment properties. Patch offer short-term single-family and multi-family bridge, fix & flip, ground-up construction, and long-term rental property financing. They ...
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