LendingHome Corporation is a San Francisco, CA based private money lender providing loans in 25 states throughout the United States. They provide buy and hold loans, short term loans, and fix and flip loans. They issue ...
Fix and Flip Loans in Baltimore, Maryland
Baltimore, MD has 50 fix and flip hard money lenders in the city. In this city, the median note amount is $300,000. Interest rates for hard money loans average 11.3%. The median note issued in this city has a term of 45 months. The mean loan includes a 3.8 percent origination charge. Lenders typically offer a 75% LTV on deals in Baltimore.
Loan Example 1
Kenneth is an investor in Baltimore, MD. He finds an run-down property for sale in the Shipley Hill subdivision and decides to remodel it and resell it for a profit. The house has a cost of $300,000 but he doesn't have the full amount so he takes out a hard money loan with Deep Lake Lending Company . The lender agrees to make a loan with a 60% loan-to-value (LTV) so they will extend $180,000 on the project. The loan also consists of the following features: 1) a 12 month term, 2) a 10% interest-only note, and 3) a three point origination charge.
In accordance with the parameters of the loan, Kenneth will need to pay a $5,400 origination fee plus 40% of the sales price, or $120,000, based on the 60% LTV. Deep Lake Lending Company will collect $1,500 in monthly interest payments from the borrower. This is computed by taking the full loan amount of $180,000, multiplying that by the 10% rate of interest, and then dividing that number by 12. At the expiration of the loan, he sells the rehabed house for $390,000. After deducting the $18,000 in total interest payments ($1,500 multiplied by 12 months), the $5,400 origination fee, the $180,000 principle on the loan, and the $120,000 he contributed to closing, he will earn a total profit of $66,600 ($390,000 sales price minus $323,400 in total costs). This profit would then be reduced by any rehab costs paid by the borrow.
Loan Example 2
Tommy finds a property in the Locust Point Industrial Area area of Baltimore, MD to remodel and sell. Since he does not have enough cash to buy the property outright, he takes a fix and flip loan from Pretty Perfect Funding Company with the following parameters:
$290,000 purchase price
75% loan to value (LTV)
12 month term
10% rate of interest
1% origination fee
Assuming a $348,000 sales price at the end of the 12 month term, the outcome for the project would look like the following:
$348,000 sales price
- $217,500 principle (75% LTV)
- $72,500 cash paid at closing (25% on 75% LTV)
- $2,175 origination fee (1% of the $217,500 principle amount)
- $21,750 total interest paid (12 months x 10% interest)
-----------------------
= $34,075 total profit (doesn't include taxes or rehab costs)
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Headquartered in Lakehurst, NJ, Alpha Funding Solutions is a hard money lender providing funding throughout New Jersey, Connecticut, Pennsylvania, New York, Maryland, Delaware, and Florida. They offer hard money bridge loans, long term rental property loans, private commercial ...
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AJTM Financial Group is a Stamford, CT based hard money lender. They provide funding all across the US. They provide short term fix and flip loans and private commercial loans. Their loan guidelines are flexible, including ...
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Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
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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 ...
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Genesis Capital is a Woodland Hills, CA based private lender. They provide funding in 17 states throughout the United States. They offer ground up construction loans, bridge loans, buy and hold loans, fix-and-flip loans, private refinancing, 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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1st Choice Lending
Scottsdale, AZ 85260
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