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There are 50 lenders operating in Kent, WA. The average note made is around $290,000. Interest rates for hard money loans average about 10.2%. 16 months is the average length for loans offered in the city. The average hard money loan issued in the city carries a 2.7 percent origination cost. The median loan to value (LTV) for loans in Kent is 75%.
USA Finance makes a private money bridge loan to Renee for a renovation project in Kent, WA, on a property that costs $230,000. The lender agrees to write a note with a 75% loan-to-value (LTV) so they will loan $172,500 on the property. The parameters of the deal dictate a 14% note for 18 months. They also stipulate a 3 point origination fee, which will also need to be paid upon closing.
In addition to paying the $5,175 origination fee, Renee will also fund $57,500 of the purchase with her own funds, or 25% of the purchase price. USA Finance will collect $2,013 in monthly interest payments from the Renee . This is calculated by taking the total loan amount of $172,500, multiplying that by the 14% rate of interest, and then dividing that number by 12. If Renee sells the project for $333,500 after 18 months, she would then realize a total profit of $62,100 after deducting the original principle of $172,500, the money contributed at the close of $57,500, the origination fee of $5,175, and the aggregate interest payments of $36,225. This profit does not account for building costs.
Edwin finds a house in Kent, WA to renovate and re-sell. Because he does not have enough cash to buy the property outright, he takes a bridge loan from Coastal Investment Group with the following parameters:
a) A $280,000 purchase price, b) a 55% loan-to-value (LTV), c) a 18 month term, d) a 8% interest rate, and e) a 4% origination fee.
After the renovation project is completed, if Edwin sells the project for $420,000, the numbers would be the following:
$420,000 sales price
- $154,000 loan principle (55% LTV)
- $126,000 down payment (45% on 55% LTV)
- $6,160 origination fee (4% of the $154,000 principle amount)
- $18,480 interest payments (18 months x 8% interest)
-----------------------
= $115,360 total profit (does not include taxes or renovation costs)
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Portland, OR
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Windvest Corporation is a private lender based in San Diego, CA offering loans in Seattle, Portland, Phoenix, and Nashville. They offer loans for a variety of situations and needs, including investment property loans, hard money loans for commercial ...
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1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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Eastside Funding is a Kirkland, WA based private money lender. They offer loans throughout Washington, Oregon, and Idaho. They offer lending solutions for a variety of situations, including commercial loans, short term loans, fix-and-flip hard money loans, ...
Westar Funding is private lender headquartered in Mukilteo, WA. They offer loans in Washington, Oregon, and Idaho. They provide commercial loans, short term loans, hard money construction loans, and fix-and-flip loans. They offer ...
Private Money Utah is a Salt Lake City, UT based hard money lender who provides loans throughout Chicago. They provide lending solutions for many different situations, including short term fix and flip loans, construction loans, commercial hard money loans, ...
Private Capital Northwest is hard money lender based in Lynwood, WA. They provide funding throughout Washington, Oregon, and Idaho. They provide short term bridge loans, hard money loans for commercial properties, builder loans, and short ...
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Legacy Group Capital is private money lender headquartered in Bellevue, WA. They offer funding in Washington, Idaho, Arizona, and Oregon. They provide loans for a variety of scenarios, including commercial hard money loans, short term fix ...
Payette Financial Services is a Boise, ID based hard money lender offering loans in 10 states throughout the United States. They provide loans for a variety of needs and situations, including short term fix and flip loans, cash out ...
ARC Capital is a Santa Rosa, CA based private lender providing funding in 17 states throughout the country. They offer long term rental property loans, bridge loans, hard money loans for commercial properties, and short term fix and ...
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
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Allied Commercial Funding is private lender headquartered in Agoura Hills, CA. They provide funding in 43 states throughout the US. They provide lending solutions for a variety of situations and needs, including hard money loans for commercial ...
Builders Capital is hard money lender headquartered in Seattle, WA. They offer loans throughout Washington and Oregon. They offer ground up construction loans, fix and flip loans, and short term bridge loans. They offer ...
Cherrywood Commercial is a Diamnond Bar, CA based private money lender who provides loans in 48 states throughout the United States. They provide lending solutions for many different situations, including short term bridge loans and commercial hard money loans. ...
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Based in Santa Ana, CA, Unlimited Capital Group is a private lender offering loans in 15 states across the country. They offer loans for a variety of situations, including fix-and-flip loans, refinancing, bridge loans, loans for rental properties, commercial ...
Sunset Equity Funding is a hard money lender based in Los Angeles, California. They issue loans in all states except for Alaska, North Dakota, and South Dakota. Their loan offerings include purchase loans, fix and flip loans, new ...
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Royal Development is an Irvine, CA based private lender. They provide funding in California, Texas, and Washington. They offer short term loans, new construction loans, commercial hard money loans, rental property loans, private refinancing, and fix-and-flip ...
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