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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!
The Lakes, NV has 50 private money lenders in the city. The median amount loaned in this city is $351,786. Interest rates for loans average around 8.7%. 25 months is the median term for notes issued in this city. A typical hard money loan made in this city carries a 3.1 point origination charge. 68% is the average loan to value for offered by lenders in The Lakes.
Randi is a house flipper in The Lakes, NV. She discovers an older property in the Buffalo neighborhood and decides to rehab it and resell it for a profit. The house has a cost of $190,000 but she does not have the full amount so she obtains a hard money loan with Oceanside Investment Corporation. The lender agrees to make a loan with a 60% loan-to-value (LTV) so they are willing to loan $114,000 on the project. The loan also consists of these features: 1) a 12 month term, 2) a 8% interest only note, and 3) a four point origination fee.
In accordance with the parameters of the note, Randi will have to pay a $4,560 origination fee plus 40% of the sales price, or $76,000, since there is a 60% LTV. Once the loan closes, she will need to pay Oceanside Investment Corporation $760 in monthly interest fees, or 8% multiplied times $114,000 divided by 12 months in the year. If Randi accomplishes her goal of a $228,000 sales price when the loan term expires, she would earn a gross profit of $24,320 after re-paying the principle on the note and subtracting the money she paid at closing, the origination fee, and the monthly interest payments.
Ray is a an investor in the Centennial Hills neighborhood of The Lakes, NV. He buys an older townhouse for a rehab project and takes out a hard money loan from J & T Investment Corporation with the following features:
$300,000 sales price
65% loan to value (LTV)
6 month term
13% interest rate
3% origination fee
After the rehab project is completed, if Ray sells the project for $450,000, the outcome would be the following:
$450,000 sales price
- $195,000 principle on note (65% LTV)
- $105,000 cash paid at closing (35% on 65% LTV)
- $5,850 origination points (3% of the $195,000 principle)
- $12,675 total interest paid (6 months x 13% interest)
-----------------------
= $131,475 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!
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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