Direct Mortgage Loan Company is a Philadelphia, PA based private money lender. They provide loans in Philadelphia. They provide loans for a variety of needs and situations, including fix and flip hard money loans, bridge loans, buy and ...
Fix and Flip Loans in Wynnewood, Pennsylvania
Wynnewood, PA has 50 fix-and-flip lenders offering loans in the city. The average note made is about $288,125. Rates on private loans issued to Wynnewood investors average about 12.3%. The median loan issued in the city is for 11 months. The average note includes a 3.3 percent origination cost. Lenders offer on average a 75% LTV on loans in Wynnewood.
Loan Example 1
Gerald is a real estate investor in Wynnewood, PA. He locates an run-down property for sale in the Overbrook neighborhood and decides to remodel it and re-sell it for a profit. The property has a cost of $360,000 but he does not have the full amount so he takes a fix-and-flip loan with Friendly Funding . The borrower will be required to contribute 30% of the sales price in cash to the closing based on a 70% loan to value stipulated by the lender. This makes the loan principle from Friendly Funding $252,000. The interest rate on the note is 13% for a length of 18 months and the lender requires a four point origination fee at the close. The interest is to be paid on a monthly basis and the principle amount will be repaid after the sale of the property.
On top of the $10,080 origination fee, Gerald will also fund $108,000 of the purchase with his own funds, or 30% of the sales price. Friendly Funding will collect $2,730 in monthly interest from the borrower. This is computed by taking the total note amount of $252,000, multiplying that by the 13% interest rate, and then dividing that number by 12. If Gerald sells the house for $432,000 after 18 months, he would realize a gross profit of $12,780 after subtracting the original principle of $252,000, the money contributed at closing of $108,000, the origination fee of $10,080, and the aggregate interest payments of $49,140. This amount does not include renovation costs.
Loan Example 2
Marianne finds a duplex in the Overbrook area of Wynnewood, PA to renovate and sell. Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from Yellow Sun Investment Company with the following parameters:
$260,000 sales price
70% loan to value (LTV)
6 month term
13% interest rate
4% origination fee
Assuming a $325,000 sales price after the 6 month term, the outcome for the project would look like this:
$325,000 sales price
- $182,000 note principle (70% LTV)
- $78,000 down payment (30% on 70% LTV)
- $7,280 origination fee (4% of the $182,000 principle)
- $11,830 total interest paid (6 months x 13% interest)
-----------------------
= $45,890 gross profit (does not include taxes or renovation costs)
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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