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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!
A total of 50 records for fix and flip lenders were found in Port Arthur, TX. The average amount for loans is $369,375. Interest rates for private loans average 11.4%. The average term offered for notes is 42 months. The average hard money loan issued in this city includes a 3.2 point origination cost. The median loan to value (LTV) offered for loans in Port Arthur is 78%.
Belinda takes a fix-and-flip loan from Victory Funding in order to renovate a house to resale in Port Arthur, TX. The price of the house is $300,000. Because the lender agrees to a 55% loan-to-value, Belinda will be required to put 45% down and the principle amount of the note will be $165,000. The deal also consists of the following features: 1) a 12 month length, 2) a 9% interest only note, and 3) a five percent origination charge.
The borrower must bring a total of $32,400 up front to pay the $135,000 down payment in addition to the $8,250 origination fee. Victory Funding will collect $1,238 in monthly interest from the Belinda. This is computed by taking the total note value of $165,000, multiplying that by the 9% interest rate, and then dividing that number by 12. If Belinda sells the property for $405,000 after 12 months, she would make a gross profit of $81,900 after subtracting the original principle of $165,000, the funds paid at closing of $135,000, the origination fee of $8,250, and the aggregate interest payments of $14,850. This gross profit doesn't include renovation costs.
Javier is a real estate investor in Port Arthur, TX. He locates an older property for a rehab project and takes a fix and flip loan from West End Finance Corporation with the following terms:
a) A $330,000 sales price, b) a 55% loan to value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 2% origination fee.
Once the renovation project is finished, if Javier sells the house for $396,000, the numbers would be the following:
$396,000 sales price
- $181,500 principle (55% LTV)
- $148,500 cash paid at closing (45% on 55% LTV)
- $3,630 origination points (2% of the $181,500 principle)
- $23,595 total interest paid (12 months x 13% interest)
-----------------------
= $38,775 total profit (does not include taxes or renovation costs)
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!
The ORIGINAL LENDER of NOT requiring any of the below: NO Application, tax returns, credit check, appraisals, pre-inspection, prepay penalty, upfront fees, survey, bank statements or employment!
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