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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!
Wood River, IL has 50 private money lenders issuing loans in the city. Loan amounts average approximately $300,715. The average interest rate for loans in Wood River is 10.4%. The typical length offered for loans is 17 months. The average loan offered in this city carries a 2.9 point origination charge. Lenders typically offer a 77% loan to value on hard money loans in Wood River.
Assurance Lending issues a private money loan to Ladonna for a renovation project in Wood River, IL, on a property that costs $170,000. The borrower will need to bring 40% of the sales price in cash to the closing based on a 60% loan-to-value set by the lending company. This makes the principle amount from Assurance Lending $102,000. The deal also includes the following features: 1) a 12 month term, 2) a 14% interest-only note, and 3) a two point origination fee.
Accordingly, the borrower will have to contribute a $68,000 down payment in addition to paying a $2,040 origination fee. Assurance Lending will collect $1,190 in monthly interest payments from the borrower. This is calculated by taking the full loan value of $102,000, multiplying by the 14% interest rate, and then dividing that number by 12. At the expiration of the note, she sells the rehabed property for $238,000. After deducting the $14,280 in total interest payments ($1,190 multiplied times 12 months), the $2,040 origination fee, the $102,000 principle amount on the note, and the $68,000 she brought to the closing, she will earn a total profit of $51,680 ($238,000 sales price minus $186,320 in total costs). This amount would then be reduced by any building costs paid by Ladonna.
Latoya takes a loan from West End Investments so she can rehab a property to re-sell in Wood River, IL. The deal has the following terms:
a) A $230,000 purchase price, b) a 75% loan to value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 3% origination fee.
Latoya plans to sell the project at the end of the term for $345,000. If she accomplishes her goal, the deal numbers would be as follows:
$345,000 sales price
- $172,500 principle (75% LTV)
- $57,500 down payment (25% on 75% LTV)
- $5,175 origination points (3% of the $172,500 principle)
- $7,763 interest payments (6 months x 9% interest)
-----------------------
= $102,063 gross 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!
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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