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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!
Upatoi, GA has 50 lenders operating in the city. The median note amount in this city is $290,500. Interest rates for private loans average around 10.7%. The mean term offered for loans is 43 months. The mean origination fee for the loans is 3.0 points. Lenders in Upatoi average a 74% loan-to-value (LTV) on their loans.
Gilbert finds a duplex in Upatoi, GA to flip and sell. Since he does not have enough cash on-hand to buy the $360,000 house outright, he takes out a private money loan from West Shore Finance. The loan to value (LTV) on the loan is 85%. This means Gilbert will need to bring 15% of the sales price to closing and the principle will be $306,000 on the note. The terms of the note also stipulate a three percent origination fee which is to be paid at closing and a 12 month, interest only note with a 8% interest rate.
In accordance with the terms of the deal, Gilbert will be required to pay a $9,180 origination fee in addition to 15% of the sales price, or $54,000, since there is a 85% LTV. he must then pay $2,040 per month to West Shore Finance. If Gilbert accomplishes his goal of a $522,000 total sales price when the loan expires, he would make a gross profit of $128,340 after repaying the principle amount and subtracting the money he contributed at closing, the origination points, and the total monthly interest payments.
Hometown Funding makes a private money loan to Carolina for a remodeling project in Upatoi, GA. The loan dictates the following:
a) A $280,000 purchase price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 10% interest rate, and e) a 4% origination fee.
After the renovation project is completed, if Carolina sells the property for $392,000, the final numbers would be the following:
$392,000 sales price
- $182,000 note principle (65% LTV)
- $98,000 cash paid at closing (35% on 65% LTV)
- $7,280 origination points (4% of the $182,000 principle amount)
- $9,100 total interest paid (6 months x 10% interest)
-----------------------
= $95,620 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!
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.
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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