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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!
Anoka, MN has 27 investment property hard money lenders operating in the city. The average loan issued is around $301,786. Rates for hard money loans average around 10.9%. The mean term for loans is 24 months. The mean loan includes a 3.0 percent origination cost. The average loan-to-value (LTV) for loans in Anoka is 72%.
Armando wants to acquire a rental property in Anoka, MN for $280,000 with a hard money loan from Assurance Funding Group. Since there is a 60% loan-to-value (LTV) agreed to by the lender and borrower, Armando will have to put down the remaining 40% with his own money. By the terms of the loan, the note is for 1 years at 10% interest. An origination fee of 2% will need to be paid at the closing and Armando will make interest-only payments with a balloon payment for the principle due when the loan expires. Based on the terms of the loan, Armando's payments will be $1,400 monthly. Also, he will have to contribute $112,000 in cash at the closing in addition to the $3,360 origination fee. Upon expiration of the loan, he will have to pay back the $168,000 loan principle in a single balloon payment.
Rodney is an investor in Anoka, MN. He discovers a rental property he wants to purchase for $360,000 but he is short on funds so he obtains a private money loan from All Star Funding Company. Since there is a 75% loan-to-value (LTV) agreed to by the lender and borrower, Rodney will be required to put down the other 25% with his own cash. By the parameters of the loan, the note is for 3 years at a 8% rate of interest. An origination fee of 5 points will have to be paid when the deal closes and Rodney will make interest-only payments with a balloon payment of the principle amount paid when the note expires. Given this deal, Rodney will will be required to make these payments: 1) $90,000 down at closing (based on the 75% LTV), 2) $13,500 in origination points (5% x the $270,000 loan principle), and 3) $1,800 per month in interest payments.
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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