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With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Myrtle Creek, OR has 50 lenders issuing loans in the city. The average note issued is approximately $339,063. Interest rates on loans made to Myrtle Creek borrowers average 11.2%. The typical loan issued in this city is 13 months in length. The average hard money loan issued in this city includes a 3.0 point origination charge. Lenders offer on average a 78% loan-to-value (LTV) on hard money loans in Myrtle Creek.
Shawn takes a hard money bridge loan from Big City Lending Group in order to remodel a house to flip in Myrtle Creek, OR. The price of the property is $290,000. The terms of the note include a 60% loan-to-value (LTV), so he must bring 40% of the price as cash at closing, which makes the principle note amount $174,000. The loan also consists of the following features: 1) a 18 month term, 2) a 12% interest only note, and 3) a one percent origination charge.
Accordingly, Shawn will need to make a $116,000 down payment in addition to paying a $1,740 origination fee. The monthly interest only payments will then total $1,740 to the lender. At the end of the note, he sells the rehabed property for $391,500. After subtracting the $31,320 in total interest payments ($1,740 multiplied by 18 months), the $1,740 origination fee, the $174,000 principle amount on the note, and the $116,000 he contributed to closing, he will make a total profit of $68,440 ($391,500 price minus $323,060 in total costs). This profit would be reduced by any renovation costs paid by Shawn.
Byron finds a property in Myrtle Creek, OR to remodel and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from East End Funding Corporation with the following parameters:
a) A $260,000 sales price, b) a 50% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 4% origination fee.
Based on a $351,000 sales price at the end of the 12 month term, the final numbers for the project would look like the following:
$351,000 sales price
- $130,000 note principle (50% LTV)
- $130,000 cash paid at closing (50% on 50% LTV)
- $5,200 origination points (4% of the $130,000 principle)
- $14,300 interest payments (12 months x 11% interest)
-----------------------
= $71,500 gross profit (does not include taxes or rehab costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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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