Maine Fix and Flip Loans
Maine has 31 fix-and-flip lenders serving the state. The median note amount is $309,290. Rates for loans average 11.6%. The typical loan made in the state is 26 months in length. The mean origination fee for the loans is 2.6 percent. The median loan to value offered for loans in Maine is 74%.
Loan Example 1
Ronald closes on a $250,000 rehab project in Portland, ME, using a fix and flip loan from South Side Lending Group . The loan to value (LTV) on the deal is 65%. This means that Ronald will need to bring 35% of the sales price to the closing and the principle amount will be $162,500 on the loan. The interest rate on the loan is 13% for a term of 18 months and the lender requires a four point origination fee at closing. The interest is to be paid on a monthly basis and the principle will be repaid after the property sells.
Therefore, the borrower will need to contribute a $87,500 down payment plus pay a $6,500 origination fee. South Side Lending Group will collect $1,760 in monthly interest from the Ronald . This is calculated by taking the total loan amount of $162,500, multiplying that by the 13% rate of interest, and then dividing that amount by 12. Ronald 's intention is to finish the house within the 18 months and resell it for $300,000. If he succeeds he will make a total profit of $11,813 ($300,000 price - $162,500 principle amount - $87,500 down payment - $6,500 origination points - $31,688 in interest.
Loan Example 2
Reliance Finance Corporation makes a hard money loan to Sadie for a remodeling project in Portland, ME. The loan dictates the following:
a) A $280,000 sales price, b) a 85% loan-to-value (LTV), c) a 12 month term, d) a 14% interest rate, and e) a 3% origination fee.
If Sadie accomplishes her goal of a $336,000 sales price, the outcome of the project will be the following:
$336,000 sales price
- $238,000 loan principle (85% LTV)
- $42,000 cash paid at closing (15% on 85% LTV)
- $7,140 origination points (3% of the $238,000 principle)
- $33,320 interest payments (12 months x 14% interest)
-----------------------
= $15,540 total profit (doesn't include taxes or rehab costs)
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Raymond C Green Companies is a private money lender based in Boston, MA providing funding throughout Massachusetts, New Hampshire, Rhode Island, Maine, Connecticut, and Florida. They provide loans for a variety of situations and needs, including construction loans, ...
Based in Falmouth, ME, Northeastern Financial is a hard money lender providing loans throughout Maine. They provide fix and flip hard money loans, private commercial loans, and new construction loans. They provide loans with a maximum ...
Next-Financing is based in Scottsdale, Arizona and has a satellite office in Silicon Valley, California. They offer a wide array of financing options for businesses, including fix and flip loans and loans for rental properties. They lend on ...
Layla Capital is a hard money lender headquartered in New York, NY providing loans in 10 states across the country. They provide lending solutions for many different scenarios, including short term fix and flip loans, construction loans, hard money ...
Father & Son Private Money Lending is a hard money lender providing loans in Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, and Connecticut. They provide fix-and-flip hard money loans, private refinancing, ground up construction loans, commercial loans, ...
Based in Johnson City, TN, Riverdale Funding is a hard money lender offering loans in 37 states across the country. They provide lending solutions for a variety of scenarios, including loans for investments properties, commercial hard money loans, fix ...
Headquartered in Wellesley, MA, Pro Builder Financial is a hard money lender offering funding throughout New Hampshire, Massachusetts, Connecticut, Rhode Island, and Maine. They offer commercial hard money loans, construction loans, fix and flip loans, buy and hold ...
LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
Wallace Capital is private lender headquartered in Boston, MA. They offer funding in Massachusetts, New Hampshire, Connecticut, Vermont, Rhode Island, and Maine. They provide lending solutions for a variety of situations and needs, including commercial loans, ...
Bridge Well Capital is a hard money lender in Orlando, FL offering funding in 40 states throughout the United States. They provide loans for investments properties, cash out hard money loans, and fix-and-flip hard money loans. Their ...
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
Private Lender of New England is a Cranston, RI based hard money lender offering funding throughout Massachusetts, New Hampshire, Rhode Island, Maine, and Connecticut. Their focus is mainly on fix and flip hard money loans. They offer ...
Sunset Equity Funding is a hard money lender based in Los Angeles, California. They issue loans in all states except for Alaska, North Dakota, and South Dakota. Their loan offerings include purchase loans, fix and flip loans, new ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
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 ...
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 ...
ICG10 Capital is private lender headquartered in Aventura, FL. They offer loans in 44 states throughout the United States. They offer loans for many different scenarios, including short term loans, buy and hold loans, short term fix ...
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...
Headquartered in South Windsor, CT, RCN Capital is a hard money lender providing funding in 47 states across the country. They provide loans for many different scenarios, including cash out loans, fix-and-flip hard money loans, commercial hard money loans, ...
Private Capital USA is a Ronkonkoma, NY based private money lender who offers funding in 10 states across the country. They provide hard money loans for commercial properties, hard money bridge loans, and fix-and-flip loans. Their lending ...
Foxpoint Lending is an asset-based lender in Providence, RI providing loans throughout New York, Rhode Island, Connecticut, Massachusetts, New Hampshire, Vermont, and Maine. They offer private commercial loans, investment property loans, and fix-and-flip loans. They issue ...
Based in Great Neck, NY, National Advance Group is an asset-based lender providing loans in 50 states across the United States. They offer lending solutions for a variety of scenarios, including commercial hard money loans and fix-and-flip hard money ...
Based in Salem, MA, Green Knight Funding is a hard money lender offering funding throughout Massachusetts, New Hampshire, Connecticut, Vermont, Rhode Island, Maine, and Florida. They offer lending solutions for a variety of situations and needs, including fix ...
Headquartered in Providence, RI, Northborough Capital Partners is an asset-based lender offering funding in Massachusetts, New Hampshire, Rhode Island, Maine, and Connecticut. They offer loans for a variety of situations, including refinancing, ground up construction loans, fix-and-flip loans, ...
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 ...
Headquartered in Neenah, WI, Peak Choice Capital is a private lender providing funding in 45 states throughout the US. They offer short term bridge loans, buy and hold loans, cash out loans, fix-and-flip loans, and private commercial loans. ...
Universal Capital is an asset-based lender headquartered in Andover, MA offering funding in Massachusetts, New Hampshire, Maine, Rhode Island, Connecticut, and Florida. They provide fix-and-flip hard money loans, private commercial loans, hard money bridge loans, and ground-up ...
Asset Avenue is private money lender based in Los Angeles, CA. They provide loans in 44 states across the United States. They provide loans for a variety of needs and situations, including short term loans, investment property ...
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