Kentucky Bridge Loans
There are 19 records for private money bridge lenders serving Kentucky. Note amounts average around $292,592. Interest rates on loans made to Kentucky borrowers average around 10.6%. 20 months is the median term for loans issued in the state. The average loan includes a 2.6 percent origination fee. The mean LTV offered for loans in Kentucky is 75%.
Loan Example 1
East End Funding Corporation makes a private money bridge loan to Kevin for a remodeling project in Erlanger, KY, on a property that costs $360,000. The loan-to-value (LTV) on the note is 85%. This means Kevin will need to bring 15% of the purchase price to the closing and the principle amount will be $306,000 on the loan. The parameters of the deal dictate a 14% note for 12 months. They also stipulate a 1 point origination fee, which will also have to be paid upon closing.
The borrower will need to contribute a total of $32,400 upon closing to cover the $54,000 down payment plus the $3,060 origination fee. After the deal closes, he will have to pay East End Funding Corporation $3,570 in monthly interest payments, or 14% multiplied by $306,000 divided by 12 months in the year. If Kevin sells the house for $522,000 after 12 months, he would then realize a gross profit of $116,100 after subtracting the principle of $306,000, the funds paid at the close of $54,000, the origination points of $3,060, and the total interest payments of $42,840. This profit does not include renovation costs.
Loan Example 2
Nikki is a real estate investor in Owensboro, KY. She locates a run-down townhouse for a renovation project and takes a bridge loan from City Funding with the following paramters:
a) A $340,000 purchase price, b) a 60% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 4% origination fee.
After the renovation project is finished, if Nikki sells the project for $442,000, the outcome would be as follows:
$442,000 sales price
- $204,000 loan principle (60% LTV)
- $136,000 down payment (40% on 60% LTV)
- $8,160 origination points (4% of the $204,000 principle amount)
- $42,840 total interest paid (18 months x 14% interest)
-----------------------
= $51,000 gross profit (does not include taxes or rehab costs)
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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 ...
Asset Avenue is private money lender based in Los Angeles, CA. They provide loans in 44 states across the United States. They provide loans for a variety of needs and situations, including short term loans, investment property ...
Headquartered in Neenah, WI, Peak Choice Capital is a private lender providing funding in 45 states throughout the US. They offer short term bridge loans, buy and hold loans, cash out loans, fix-and-flip loans, and private commercial loans. ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
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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Based in Johnson City, TN, Riverdale Funding is a hard money lender offering loans in 37 states across the country. They provide lending solutions for a variety of scenarios, including loans for investments properties, commercial hard money loans, fix ...
T&M Commercial Funding is an Auburn, ME based private lender who provides loans in 47 states across the US. They provide lending solutions for a variety of situations and needs, including bridge loans and commercial hard money loans. ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
Hard Money Company is a Vienna, VA based private money lender. They offer funding in Miami, Fort Lauderdale, and Key West. They offer loans for many different situations, including fix and flip loans and short term bridge ...
Aero Capital Finance is a Kissimmee, FL based private lender. They provide loans in 18 states throughout the United States. They offer loans for a variety of scenarios, including private refinancing, fix and flip loans, hard money loans ...
ICG10 Capital is private lender headquartered in Aventura, FL. They offer loans in 44 states throughout the United States. They offer loans for many different scenarios, including short term loans, buy and hold loans, short term fix ...
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