Oklahoma New Construction Loans
Oklahoma has 20 new construction lenders operating in the state. The mean amount loaned is $294,722. Interest rates for hard money loans average 10.9%. The typical loan made in the state has a length of 13 months. The average origination fee for the loans is 2.9 percent. Lenders typically offer a 73% loan to value on hard money loans in Oklahoma.
Loan Example 1
Manuela is a builder in Tulsa, OK. She wants to purchase a land plot and construct a new duplex. Manuela expects that the building costs will be about $250,000 and the land will cost $240,000. Yellow Sun Funding Corporation issues a 65% loan to value (LTV) new construction loan to Manuela so she can fund the deal. They also agree to a 10% interest rate for 6 months plus a four point origination fee. They agree not to charge a pre-payment penalty and they will contribute the building costs in three draws. Given this deal scenario, the lender will contribute $318,500 of the lot and the building costs. The borrower will need to pay $171,500 down, a $12,740 origination charge, and $2,654 per month in loan payments. Manuela's plan is to sell the new home for $580,000. If she succeeds, she will earn a net profit of $61,335 after deducting all expenses ($318,500 principle, $171,500 cash down, $12,740 origination charges and $15,925 for 6 months of payments).
Loan Example 2
Martha is a real estate investor in Duncan, OK. She decides to buy a vacant lot to construct a new single family home. Because she does not have enough money to fund the total project, she applies for a new construction hard money loan from Coastal Funding Company with these parameters:
Based on a projected $430,000 sales price after the 6 months, the numbers for this project will be as follows:
$430,000 sales price
- $150,000 principle on note (50% LTV)
- $150,000 cash paid at closing (50% on 50% LTV)
- $6,000 origination fee (4% of the $150,000 principle)
- $7,500 total interest paid (6 months x 10% interest)
-----------------------
= $116,500 total profit
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.
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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!
Temple View Capital
7550 Wisconsin Ave. 10th Floor
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
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Direct Lending Partner
701 W Broad Street, Suite 200
Bethlehem, PA 18018
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Kiavi
575 Market Street
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Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
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Lima One Capital
201 East McBee Ave, Suite 300
Greenville, SC 29601
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Global Integrity Finance
321 N Central Expressway, Suite 360
McKinney, TX 75071
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TNS Loans
1101 W Mineral Ave. #101
Littleton, CO 80120
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Park Place Finance
500 West 2nd Suite 1900
Austin, TX 78701
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Sunset Equity Funding
6125 Washington Blvd, 3rd Floor
Culver City, CA 90232
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Peak Choice Capital
601 Silver Creek Drive
Shorewood , IL 60432
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Sharestates
45 North Station Plaza
Great Neck, NY 11021
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Red Rock Capital
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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450 Skokie Blvd Suite 600-604
Northbrook, IL 60062
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YC Funding
1010 NE 2nd Ave
Miami Beach, FL 33132
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Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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NLDS Corp
35 Trenton Ave
Long Beach, NY 11561
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Boomerang Capital
PO Box 20130
Mesa, AZ 85277
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Investor Rehab Funding
1995 North Park Place SE, Suite 415
Atlanta, GA 30339
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