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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!
There are 50 lenders offering loans in Trumbull, CT. The average amount loaned is $353,125. Interest rates for private loans average around 10.5%. 44 months is the average length for loans issued in this city. The average loan includes a 3.1 percent origination charge. Lenders in Trumbull average a 79% LTV on their deals.
Maude closes on a $230,000 rehab project in Trumbull, CT, using a hard money loan from Affluent Investment Corporation. The lender agrees to issue a note with a 55% loan to value (LTV) so they are willing to extend $126,500 on the house. The terms of the loan dictate a 12% note for 12 months. They also stipulate a 4 point origination fee, which will also need to be paid when the property closes.
In accordance with the parameters of the deal, Maude will have to pay a $5,060 origination fee in addition to 45% of the sales price, or $103,500, based on the 55% LTV. The monthly interest-only payments will then be $1,265 to the lender. At the end of the note, she sells the rehabed property for $310,500. After subtracting the $15,180 in total interest payments ($1,265 times 12 months), the $5,060 origination fee, the $126,500 principle on the note, and the $103,500 she brought to closing, she will earn a total profit of $60,260 ($310,500 price minus $250,240 in costs). This profit would be reduced by any rehab costs paid by the borrow.
Bernadine locates a townhouse in Trumbull, CT to rehab and sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Number One Funding with the following parameters:
$150,000 purchase price
70% loan to value (LTV)
18 month term
11% rate of interest
5% origination fee
Based on a $217,500 sales price at the end of the 18 month term, the numbers for this project would look like this:
$217,500 sales price
- $105,000 loan principle (70% LTV)
- $45,000 cash paid at closing (30% on 70% LTV)
- $5,250 origination fee (5% of the $105,000 principle)
- $17,325 interest payments (18 months x 11% interest)
-----------------------
= $44,925 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!
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Headquartered in South Windsor, CT, RCN Capital is national, direct, private lender providing funding in 44 states across the country.Established in 2010, we provide short-term and long-term commercial loans ranging from $50k to $2.5M+ for the purchase of non-owner occupied ...
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Residential Capital Partners is hard money lender based in Dallas, TX. They offer funding in North Carolina, South Carolina, New Jersey, New York, Connecticut, Pennsylvania, and Texas. They offer lending solutions for many different needs and ...
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LYNK Capital is a fast-growing private lender offering residential renovation, construction, and rental loans. Our team has decades of construction lending experience and we're here to help you through every stage of your project.We lend in: AL, CT, DC, DE, ...
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Express Hard Money is private money lender headquartered in Jersey City, NJ. They provide funding in New York, New Jersey, and Connecticut. Their lending focus is mainly on fix and flip hard money loans. ...
LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
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