
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
A total of 50 records for fix and flip lenders were found in Addison, IL. The median note amount in the city is $281,429. Rates for loans average about 11.1%. The median length for notes is 45 months. The mean origination for the loans is 4.7 percent. Lenders in Addison average a 78% loan-to-value on their deals.
Alberto is an investor in Addison, IL. He finds a run-down property for sale and decides to remodel it and flip it for a profit. The house has a cost of $200,000 but he does not have the full amount so he takes a private money loan with Frontera Lending Corporation. The loan-to-value (LTV) on the note is 70%. This means that Alberto will need to bring 30% of the purchase price to the closing and the principle amount will be $140,000 on the deal. The parameters of the deal dictate a 13% note for 12 months. They also require a 1 point origination fee, that will also have to be paid at closing.
In accordance with the terms of the loan, Alberto will have to pay a $1,400 origination fee plus 30% of the purchase price, or $60,000, since there is a 70% LTV. Frontera Lending Corporation will collect $1,517 in monthly interest from the Alberto. This is calculated by taking the full loan value of $140,000, multiplying by the 13% rate of interest, and then dividing that number by 12. If Alberto achieves his goal of a $240,000 total sales price at the end of the loan term, he would collect a gross profit of $20,400 after re-paying the principle and subtracting the cash he brought to closing, the origination fee, and the total interest payments.
Gordon locates a townhouse in Addison, IL to renovate and resell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from Coastal Investment Group with the following parameters:
a) A $210,000 purchase price, b) a 80% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 5% origination fee.
Assuming a $252,000 sales price after the 18 month term, the final numbers for this project would look like this:
$252,000 sales price
- $168,000 note principle (80% LTV)
- $42,000 cash paid at closing (20% on 80% LTV)
- $8,400 origination points (5% of the $168,000 principle)
- $30,240 interest payments (18 months x 12% interest)
-----------------------
= $3,360 total profit (doesn't include taxes or rehab costs)
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
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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