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 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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