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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!
Chamberino, NM has 39 investment property hard money lenders issuing loans in the city. In this city, the average loan amount is $292,500. Rates for hard money loans average 10.5%. The mean note issued in this city is for 36 months. The average loan offered in this city includes a 3.2 point origination charge. 76% is the average loan to value (LTV) offered for for loans in Chamberino.
Billy wants to purchase an investment property in Chamberino, NM for $340,000 with a hard money loan from Blue Mountain Finance Company. Since there is a 85% loan to value (LTV) contracted to by the borrower and lender, Billy will be required to pay the remaining 15% with his own cash. By the parameters of the deal, the note is for 5 years at 10% interest. A 2% origination fee will have to be paid at closing and Billy will make interest only payments with a balloon payment of the loan principle due when the note expires. Given this deal, Billy will will be required to make these payments: 1) $51,000 down upon closing (due to the 85% LTV), 2) $5,780 in origination points (2% x $289,000 principle), and 3) $2,408 per month in interest payments.
Rene is a real estate investor in Chamberino, NM. He finds an investment property he wants to buy for $360,000 but he doesn't have enough cash so he gets a hard money loan from Red Oak Finance Company. Since there is a 60% loan-to-value (LTV) contracted to by the borrower and lender, Rene will be required to put down the remaining 40% in cash. The other parameters of the deal are the following: 1) a 1 year, interest only note, 2) a 13% interest rate, and 3) a 4% origination fee charged at the closing. Given this scenario, Rene will be required to fund $144,000 of his own cash in the deal in addition to the $8,640 origination fee (4% x $216,000 principle loan). He will also have to make interest payments of $2,340 per month.
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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