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Beaver, PA has 50 fix-and-flip lenders in the city. The median note amount is $277,143. Rates for loans average about 11.2%. The average loan issued in the city is 20 months in length. The mean origination percentage added to loans is 4.1%. Lenders offer on average a 74% loan-to-value (LTV) on loans in Beaver.
Serena closes on a $400,000 rehab project in Beaver, PA, using a fix and flip loan from All Star Finance Company. The loan-to-value (LTV) on the note is 60%. This means Serena will need to bring 40% of the purchase price to closing and the principle will be $240,000 on the note. The rate on the note is 10% for a term of 12 months and the company requires a five point origination fee at the close. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the property sells.
Accordingly, the borrower will have to make a $160,000 down payment in addition to paying a $12,000 origination fee. After the loan closes, she will have to pay the lender $2,000 in monthly interest payments, or 10% times $240,000 divided by 12 months in the year. Serena's plan is to finish the project within the 12 months and re-sell it for $500,000. If she succeeds she will make a total profit of $64,000 ($500,000 price - $240,000 principle - $160,000 down payment - $12,000 origination fee - $24,000 in interest.
Eula finds a property in Beaver, PA to renovate and re-sell. Since she does not have enough cash to buy the property outright, she takes a fix and flip loan from Success Funding with the following parameters:
a) A $320,000 sales price, b) a 50% loan-to-value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 2% origination fee.
Once the rehab project is finished, if Eula sells the house for $480,000, the final numbers would be as follows:
$480,000 sales price
- $160,000 principle on note (50% LTV)
- $160,000 cash paid at closing (50% on 50% LTV)
- $3,200 origination points (2% of the $160,000 principle amount)
- $8,800 interest payments (6 months x 11% interest)
-----------------------
= $148,000 gross profit (does not include taxes or renovation costs)
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274 Madison Avenue, Suite 901
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1 California St
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701 W Broad Street, Suite 200
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7500 Old Georgetown Road, Suite 1375
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Carol Lane
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1485 International Parkway, Suite 1031
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10015 Old Columbia Rd, Suite H-125
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7 Towpath Lane
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932 Hungerford Drive, Unit 6
Rockville, MD 20850
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100 Lanidex Plaza
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29 Union Ave
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3435 Wilshire #1840
Los Angeles, CA 90010
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1845 Town Center Blvd, Building 100, Suite 110-D
Jacksonville, FL 32207
LYNK Capital is a Jacksonville, FL based private money lender who offers loans in 12 states throughout the country.They provide commercial loans, construction loans, and fix-and-flip loans, multi-unit (5+) okay.Their loan guidelines are flexible, including rates starting at 7.9% ...
439 W Vine St
Kissimmee, FL 34741
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1121 E. Mullan Ave
Coeur d'Alene, IA 83814
Based in Coeur d'Alene, IA, COGO Capital is an asset-based lender providing loans in 45 states throughout the US. They provide private commercial loans, fix-and-flip loans, and loans for investments properties. Their loan guidelines are flexible, including ...
1 Linden Place
Great Neck, NY 11021
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75 Gerber Road East
South Windsor, CT 06074
Headquartered in South Windsor, CT, RCN Capital is national, direct, private lender providing funding in 44 states across the country.Established in 2010, we provide short-term and long-term commercial loans ranging from $50k to $2.5M+ for the purchase of non-owner occupied ...
647 Mullica Hill Rd #274
Richwood, NJ 08074
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321 N Central Expressway, Suite 360
McKinney, TX 75071
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using their own ...
201 East McBee Ave, Suite 300
Greenville, SC 29601
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4791 Au Sable Dr
Gibsonia, PA 15044
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Pittsburgh, PA
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1145 Broadway Street
Pittsburgh, PA 15035
Based in Pittsburgh, PA, GMA Hard Money is a private lender offering funding in Chicago, Newark, and Pittsburgh. They offer fix and flip loans, cash out hard money loans, buy and hold loans, and private commercial loans. ...
6334 Forward Ave
Pittsburgh, PA 15217
Lakeview Capital is a hard money lender headquartered in Pittsburgh, PA offering funding in Pittsburgh. Their focus is primarily on fix-and-flip loans. They primarily offer funding on single family homes.
1735 East Carson, #391
Pittsburgh, PA 15203
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1040 South Federal Highway
Hollywood, FL 33020
A&D Mortgage is private lender headquartered in Hollywood, FL. They offer funding in Florida, California, New Jersey, Pennsylvania, and Texas. They provide commercial hard money loans, hard money refinancing, fix and flip loans, and loans ...
349 E. 900 S. Suite 201
Salt Lake City, UT 84111
Private Money Utah is a Salt Lake City, UT based hard money lender who provides loans throughout Chicago. They provide lending solutions for many different situations, including short term fix and flip loans, construction loans, commercial hard money loans, ...
1029 N Calvert St
Baltimore, MD 21202
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2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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1010 NE 2nd Ave
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6991 E Camelback Rd
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11 Middle Neck Road Suite 314
Great Neck, NY 11021
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18 West 33rd Street, 2nd Floor
New York, NY 10001
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921A North Bethlehem Pike Unit 2
Ambler, PA 19002
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1330 Laurel Ave, Suite 104
Sea Grit, NJ 08750
First Equity Funding is hard money lender based in Sea Grit, NJ. They provide loans throughout New Jersey, New York, and Pennsylvania. They offer construction loans and fix-and-flip hard money loans. Their lending guidelines are ...
5737 Kanan Rd
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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 ...
6709 La Tijera Blvd #127
Los Angeles, CA 90045
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125 Kingsland Avenue, Suite #201
Clifton, NJ 07014
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5600 Arapahoe Ave
Boulder, CO 80303
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8431 Liberty Avenue
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