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Fix and Flip Loans in Minneapolis, Minnesota
Minneapolis, MN has 34 fix and flip hard money lenders serving the city. The mean note amount in the city is $295,500. Interest rates for loans average around 12.0%. The mean note issued in this city is for 15 months. The average loan issued in the city carries a 3.1 point origination cost. The median loan-to-value (LTV) for loans in Minneapolis is 72%.
Loan Example 1
Alexander finds a house in the Holland area of Minneapolis, MN to remodel and sell. Since he doesn't have enough cash to buy the $260,000 house outright, he takes out a fix and flip loan from Riverside Funding Corporation . The terms of the note include a 85% loan to value (LTV), so he must contribute 15% of the price as cash at closing, making the principle loan amount $221,000. The rate on the loan is 8% for a term of 12 months and the company requires a five point origination fee at the close. The interest is to be paid monthly and the principle will be paid back after the property sells.
The borrower must contribute a total of $32,400 up front to cover the $39,000 down payment in addition to the $11,050 origination fee. Once the loan closes, he will need to pay the lender $1,473 in monthly interest fees, or 8% times $221,000 divided by 12 months in the year. If Alexander sells the project for $364,000 after 12 months, he would realize a total profit of $75,270 after subtracting the original principle of $221,000, the funds contributed at the close of $39,000, the origination points of $11,050, and the aggregate interest payments of $17,680. This profit doesn't include renovation costs.
Loan Example 2
Kimberly takes out a loan from Blue Sky Finance Corporation so she can renovate a house to resell in the Harrison neighborhood of Minneapolis, MN. The deal has the following parameters:
a) A $200,000 sales price, b) a 55% loan-to-value (LTV), c) a 6 month term, d) a 9% interest rate, and e) a 3% origination fee.
If Kimberly achieves her goal of a $250,000 sales price, the final numbers of the project will be the following:
$250,000 sales price
- $110,000 note principle (55% LTV)
- $90,000 down payment (45% on 55% LTV)
- $3,300 origination points (3% of the $110,000 principle)
- $4,950 interest payments (6 months x 9% interest)
-----------------------
= $41,750 gross profit (doesn't include taxes or rehab costs)
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