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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!
Belle Fourche, SD has 13 investment property private money lenders offering loans within the city. Note amounts average around $605,313. Rates for private loans average around 8.9%. The average length offered for loans is 82 months. The average origination fee charged on the loans is 3.0%. 76% is the typical loan to value (LTV) offered for for loans in Belle Fourche.
Consuelo wants to buy an investment property in Belle Fourche, SD which is listed for $180,000. Since she doesn't have enough cash for the transaction and can't get a traditional bank loan, she obtains a hard money loan from Blue Door Investment Corporation. Consuelo and Blue Door Investment Corporation contract to a 85% loan-to-value (LTV) so they will fund 85% of the sales price and Consuelo will be responsible for the other 15%. By the terms of the loan, the note is for 2 years at a 14% rate of interest. A 4 point origination fee will be paid when the deal closes and Consuelo will then make interest only payments with a balloon payment of the principle amount paid at the end of the deal. Consuelo will need to fund $27,000 of her own cash at closing (based on the 85% LTV) in addition to the $6,120 in origination fees (4% x the $153,000 loan principle), plus she will then start paying $1,785 per month when the deal is closed.
Justine decides to buy a rental property in Belle Fourche, SD which costs $400,000. Because she doesn't have enough cash for the sale and cannot obtain a bank loan, she obtains a hard money loan from Prime Time Finance Group. Based on a 55% loan to value (LTV) contracted to by the lender and borrower, Justine will need to pay the other 45% in cash. By the terms of the deal, the note will be for 4 years at a 12% rate of interest. An origination fee of 5% will be paid when the deal closes and Justine will make interest-only payments with a balloon payment of the loan principle paid when the note expires. Justine will be required to pay $180,000 of her own cash upon the close of the loan (based on the 55% LTV) in addition to the $11,000 in origination points (5% x the $220,000 loan principle), plus she will then start making payments of $2,200 per month once the deal is executed.
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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