
We specialize in hard money loans for all commercial and residential properties types, bridge loans, fix and flip loans, value add loans, ground up construction loans and even land loans!
We found 35 records for hard money bridge lenders operating in Malone, KY. The median note issued is approximately $282,188. Interest rates for private loans average 10.9%. The average note issued in the city is for 19 months. The mean origination fee for loans is 2.3 points. Lenders offer on average a 74% loan to value on hard money loans in Malone.
Angelina takes a private money bridge loan from Evergreen Funding Company in order to renovate a property to flip in Malone, KY. The sales price of the property is $400,000. The loan-to-value (LTV) on the loan is 70%. This means that Angelina will need to bring 30% of the sales price to closing and the principle will be $280,000 on the deal. The loan is interest-only, with monthly payments, and is for 12 months at 12% interest with 3 origination points to be paid at the closing.
Therefore, the borrower will need to contribute a $120,000 down payment plus pay a $8,400 origination fee. Once the deal closes, she will need to pay Evergreen Funding Company $2,800 in monthly interest payments, or 12% multiplied times $280,000 divided by 12 months in the year. Angelina's intention is to finish the remodel by the end of the 12 months and resell it for $560,000. If she succeeds she will collect a total profit of $118,000 ($560,000 sales price - $280,000 principle - $120,000 down payment - $8,400 origination points - $33,600 in total interest payments.
All Star Investment Group makes a private money bridge loan to Maribel for a remodeling project in Malone, KY. The loan dictates the following:
$230,000 purchase price
65% loan-to-value (LTV)
6 month term
10% rate of interest
1% origination fee
Based on a $287,500 sales price at the end of the 6 month term, the outcome for this project would look like this:
$287,500 sales price
- $149,500 principle on note (65% LTV)
- $80,500 cash paid at closing (35% on 65% LTV)
- $1,495 origination fee (1% of the $149,500 principle)
- $7,475 interest payments (6 months x 10% interest)
-----------------------
= $48,530 total profit (does not include taxes or rehab costs)
We specialize in hard money loans for all commercial and residential properties types, bridge loans, fix and flip loans, value add loans, ground up construction loans and even land loans!
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