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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!
Dover, NH has 33 new construction hard money lenders in the city. The average loan amount in this city is $301,389. Rates for hard money loans average around 11.6%. 15 months is the average term for loans made in this city. The mean origination for the loans is 2.8 points. 71% is the median loan-to-value (LTV) offered for for loans in Dover.
James wants to acquire a vacant lot in Dover, NH to construct a house and resell it. The plot costs $150,000 and James estimates the building costs for the new house will be about $250,000. In order to fund the project, he applies for a new construction loan from Redwood Investment Corporation. They agree to issue a loan with a 12% interest rate for 12 months and three origination points to be paid at closing. They also agree to contribute 85% of the cumulative costs (the loan-to-value or "LTV"). There will be no pre-payment penalties on the note and building costs will be paid out over multiple draws. According to the rules of the loan, James will have to pay $60,000 plus $10,200 in origination costs at closing, then will begin making $3,400 per month payments. After deducting all costs, James will earn a $149,000 gross profit if he succeeds in his goal of a $600,000 sales price.
Olive decides to purchase a land plot in Dover, NH to build a new duplex to re-sell it. She takes a new construction loan from Progressive Funding Group with the following specifications:
After the construction is finished, if Olive lists the property for $1,060,000, the final numbers would be the following:
$1,060,000 sales price
- $603,500 principle (85% LTV)
- $106,500 cash paid at closing (15% on 85% LTV)
- $24,140 origination points (4% of the $603,500 principle amount)
- $36,210 total interest paid (6 months x 12% interest)
-----------------------
= $289,650 net profit
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!
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Barnett REI Finance is private lender headquartered in Northbrook, IL. They offer funding across the US. They offer long term rental property loans, fix-and-flip loans, and construction loans. Their loan parameters are versatile, including terms starting at 9 months, rates ...
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Headquartered in Providence, RI, Northborough Capital Partners is an asset-based lender offering funding in Massachusetts, New Hampshire, Rhode Island, Maine, and Connecticut. They offer loans for a variety of situations, including refinancing, ground up construction loans, fix-and-flip loans, ...
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Headquartered in Wellesley, MA, Pro Builder Financial is a hard money lender offering funding throughout New Hampshire, Massachusetts, Connecticut, Rhode Island, and Maine. They offer commercial hard money loans, construction loans, fix and flip loans, buy and hold ...
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The Grossman Companies is a Quincy, MA based private lender offering loans throughout Massachusetts, Connecticut, Rhode Island, New Hampshire, and New York. They offer fix-and-flip hard money loans, short term bridge loans, hard money loans for commercial properties, ...
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