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Hard Money Loans in Homestead, Florida

A total of 50 search results for private money lenders were found in Homestead, FL. The median note amount is $319,559. Interest rates on private loans made to Homestead investors average 12.2%. The mean loan made in the city has a term of 25 months. The mean note includes a 2.6 point origination fee. 71% is the mean loan-to-value (LTV) offered for for loans in Homestead.

Loan Example 1

Lawrence takes a hard money loan from Rolling Brook Funding Company in order to remodel a house to resale in Homestead, FL. The price of the house is $200,000. The loan-to-value (LTV) on the deal is 60%. This means that Lawrence will need to bring 40% of the sales price to closing and the principle will be $120,000 on the note. The interest rate on the loan is 9% for a term of 12 months and the company requires a one point origination fee at the closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the property sells.

On top of the $1,200 origination fee, Lawrence will also have to fund $80,000 of the purchase with his own money, or 40% of the sales price. Once the deal closes, he will need to pay the lender $900 in monthly interest fees, or 9% multiplied times $120,000 divided by 12 months in the year. If Lawrence sells the property for $240,000 after 12 months, he would then realize a gross profit of $28,000 after subtracting the original principle of $120,000, the money paid at closing of $80,000, the origination fee of $1,200, and the total interest payments of $10,800. This gross profit doesn't include renovation costs.

Loan Example 2

Petra takes out a loan from River View Funding Company in order to renovate a house to flip in Homestead, FL. The deal has the following terms:

$180,000 purchase price
50% loan to value (LTV)
18 month term
13% interest rate
5% origination fee

After the rehab project is completed, if Petra sells the project for $234,000, the outcome would be as follows:

$234,000 sales price
- $90,000 loan principle (50% LTV)
- $90,000 cash paid at closing (50% on 50% LTV)
- $4,500 origination fee (5% of the $90,000 principle amount)
- $17,550 total interest paid (18 months x 13% interest)
-----------------------
= $31,950 total profit (does not include taxes or renovation costs)

Insource Funding Logo

Insource Funding

931 Village Blvd #905

West Palm Beach, FL 33409

(800) 805-3391 Visit Website

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Headquartered in West Palm Beach, FL, Insource Funding is a private lender offering loans throughout South Florida. They provide lending solutions for many different situations, including private refinancing, commercial hard money loans, fix-and-flip hard money loans, and short ...

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Renovo Financial Logo

Renovo Financial

222 W Adams St #1980

Chicago, IL 60606

(312) 279-7305 Visit Website

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Headquartered in Chicago, IL, Renovo Financial is an asset-based lender providing funding across these locations: Chicago, Milwaukee, Detroit, Indianapolis, Cleveland, Cincinnati, Columbus, Philadelphia, Atlanta, Orlando, Tampa, Miami, Austin, San Antonio, Houston, St Louis, and Kansas City. They provide ...

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Gelt Financial Logo

Gelt Financial

2755 Philmont Ave., Suite 130

Huntingdon Valley, PA 19006

(561) 221-0900 Visit Website

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Based in Huntingdon Valley, PA, Gelt Financial is a private money lender offering funding throughout Philadelphia. They offer loans for many different situations and needs, including rental property loans, private commercial loans, fix-and-flip hard money loans, hard money bridge ...

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