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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!
A total of 50 records for private money lenders were found in Saint Albans, NY. The average loan made is approximately $320,834. Interest rates on hard money loans made to Saint Albans investors average 11.3%. The median length for loans is 47 months. The average loan includes a 3.0 percent origination cost. Lenders offer on average a 71% loan-to-value (LTV) on hard money loans in Saint Albans.
Victor takes a hard money loan from Deep Lake Finance Company in order to rehab a townhouse to resale in the St. Albans subdivision of Saint Albans, NY. The sales price of the property is $280,000. The lender agrees to write a loan with a 60% loan to value (LTV) so they are willing to loan $168,000 on the house. The note is interest-only, with monthly payments, and is for 12 months at 14% interest with 3 origination points paid when the deal closes.
By the parameters of the deal, Victor will need to contribute a $5,040 origination fee plus 40% of the sales price, or $112,000, based on the 60% LTV. Deep Lake Finance Company will collect $1,960 in monthly interest from the Victor. This is calculated by taking the full note amount of $168,000, multiplying that by the 14% interest rate, and then dividing that amount by 12. If Victor achieves his goal of a $336,000 sales price when the loan term expires, he would earn a gross profit of $27,440 after repaying the principle amount and subtracting the cash he brought to closing, the origination fee, and the total interest payments.
Rene is a real estate investor in the Laurelton neighborhood of Saint Albans, NY. He purchases a run-down townhouse for a rehab project and takes out a private money loan from Blue Door Funding Group with the following paramters:
$230,000 purchase price
60% loan to value (LTV)
12 month term
14% interest rate
1% origination fee
If Rene succeeds in his goal of a $299,000 sales price, the outcome of the project would be the following:
$299,000 sales price
- $138,000 note principle (60% LTV)
- $92,000 down payment (40% on 60% LTV)
- $1,380 origination points (1% of the $138,000 principle)
- $19,320 interest payments (12 months x 14% interest)
-----------------------
= $48,300 gross 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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