Applewood Funding is an asset-based lender in Scottsdale, AZ providing funding in Phoenix. They provide cash out hard money loans, loans for investments properties, and fix-and-flip loans. They offer loan amounts ranging from $10,000 to $500,000 ...
Fix and Flip Loans in Litchfield Park, Arizona
A total of 50 records for fix and flip lenders were found in Litchfield Park, AZ. The median note issued is about $321,875. The median rate for hard money loans in Litchfield Park is 10.9%. The mean loan made in the city has a term of 19 months. A typical loan made in this city includes a 1.8 point origination cost. Lenders typically offer a 79% loan to value on hard money loans in Litchfield Park.
Loan Example 1
Dave is a house flipper in Litchfield Park, AZ. He locates an older property and decides to renovate it and sell it for a profit. The property has a cost of $270,000 but he does not have the full amount so he obtains a hard money loan with Prosper Investment Corporation . The terms of the deal include a 70% loan to value (LTV), so he must contribute 30% of the price as cash at closing, which makes the principle note amount $189,000. The terms of the deal also stipulate a one point origination fee which will be paid at the closing and a 18 month, interest-only note with a 13% interest rate.
Dave will need to fund a total of $32,400 upon closing to pay the $81,000 down payment in addition to the $1,890 origination fee. Prosper Investment Corporation will collect $2,048 in monthly interest from the Dave . This is computed by taking the total note amount of $189,000, multiplying by the 13% interest rate, and then dividing that amount by 12. Assuming he sells the rehabed project for $405,000 at the end of the 18 month term, his gross profit (not including renovation expenses) would be $96,255. This is computed by taking the purchase price ($405,000) and subtracting the original principle ($189,000), the origination fee ($1,890), the money he contributed to closing ($81,000), and the total interest expenses ($36,855).
Loan Example 2
Sunrise Finance makes a private money loan to Frederick for a rehab project in Litchfield Park, AZ. The loan includes the following:
$150,000 sales price
60% loan-to-value (LTV)
6 month term
8% interest rate
3% origination fee
Frederick plans to list the house at the end of the term for $187,500. If he accomplishes his goal, the deal numbers would be the following:
$187,500 sales price
- $90,000 principle on note (60% LTV)
- $60,000 cash paid at closing (40% on 60% LTV)
- $2,700 origination points (3% of the $90,000 principle amount)
- $3,600 total interest paid (6 months x 8% interest)
-----------------------
= $31,200 gross profit (does not include taxes or renovation costs)
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1st Choice Lending
Scottsdale, AZ 85260
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