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!
Fix and Flip Loans in Dover, Delaware
Dover, DE has 50 fix-and-flip hard money lenders operating within the city. The average amount loaned is $317,857. Rates on private loans issued to Dover investors average around 10.5%. 16 months is the average term for loans made in the city. The average loan includes a 3.5 percent origination charge. Lenders offer on average a 71% loan-to-value on deals in Dover.
Loan Example 1
Lee finds a townhouse in Dover, DE to remodel and resell. Since she does not have enough cash available to purchase the $190,000 property outright, she takes out a hard money loan from Smith Funding Corporation. The terms of the deal include a 85% loan to value (LTV), so she must bring 15% of the price as cash to closing, which makes the principle note amount $161,500. The parameters of the deal also stipulate a two point origination fee that is to be paid at the closing and a 6 month, interest-only note with a 10% rate of interest.
Lee must contribute a total of $32,400 upon closing to pay the $28,500 down payment plus the $3,230 origination fee. After the loan is closed and Lee takes over the property, she will have to begin making payments each month of $1,346 to Smith Funding Corporation ($161,500 principle x 10% / 12 months). If Lee sells the project for $237,500 after 6 months, she would make a total profit of $36,195 after subtracting the principle of $161,500, the cash contributed at closing of $28,500, the origination points of $3,230, and the total interest payments of $8,075. This amount does not account for remodeling costs.
Loan Example 2
Randy is a real estate investor in Dover, DE. He locates an older townhouse for a renovation project and obtains a private money loan from West End Funding Group with the following features:
$330,000 sales price
75% loan to value (LTV)
18 month term
11% rate of interest
4% origination fee
Randy plans to list the project when the note expires for $478,500. If he accomplishes his goal, the deal numbers would be as follows:
$478,500 sales price
- $247,500 principle (75% LTV)
- $82,500 down payment (25% on 75% LTV)
- $9,900 origination points (4% of the $247,500 principle)
- $40,838 interest payments (18 months x 11% interest)
= $97,763 total 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 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.
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Global Integrity Finance
321 N Central Expressway, Suite 360
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2815 Hartland Road, Suite 200
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7 Towpath Lane
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45 North Station Plaza
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1 Linden Place
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1995 North Park Place SE, Suite 415
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496 Delaney Ave #408
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1100 Glendon Ave, 18th Floor
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207 Mockingbird Ln, #402
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Rehab Financial Group
1062 Lancaster Ave, Suite 15C
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110 MARTER AVENUE SUITE 103
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Full Scope Capital
7424 Baltimore Annapolis Blvd Suite 1
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2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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11240 Reisterstown Road
Owings Mills, MD 21117
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Singer Financial Corp
1708 Locust Street
Philadelphia, PA 19103
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5600 Arapahoe Ave
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400 W Franklin St., Suite 300
Baltimore, MD 21201
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