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Kansas City, MO has 50 private money lenders serving the city. The average note amount in the city is $300,000. Rates on hard money loans made to Kansas City borrowers average about 12.7%. 10 months is the average length for notes issued in the city. The average loan offered in the city carries a 3.5 percent origination fee. Lenders in Kansas City average a 78% loan-to-value (LTV) on their loans.
Ron finds a townhome in the Central Business District - Downtown neighborhood of Kansas City, MO to flip and sell. Since he doesn't have enough cash available to acquire the $280,000 property outright, he decides to take out a private money loan from Forest Grove Lending Corporation . The lender agrees to issue a note with a 85% loan to value (LTV) so they will loan $238,000 on the property. The loan also includes these features: 1) a 18 month term, 2) a 9% interest only note, and 3) a three point origination fee.
In accordance with the terms of the loan, Ron will have to contribute a $7,140 origination fee in addition to 15% of the sales price, or $42,000, since there is a 85% LTV. After the loan closes, he will have to pay the lender $1,785 in monthly interest payments, or 9% times $238,000 divided by 12 months in a year. If Ron meets his goal of a $350,000 total sales price when the loan term expires, he would pocket a gross profit of $30,730 after re-paying the principle and subtracting the cash he paid at closing, the origination fee, and the total interest payments.
Dena takes a private money loan from Brown Investment Corporation in order to remodel a property to re-sell in the Beacon Hills area of Kansas City, MO. The deal has the following parameters:
a) A $230,000 purchase price, b) a 75% loan-to-value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 1% origination fee.
Assuming a $276,000 sales price after the 6 month term, the final numbers for the project would look like this:
$276,000 sales price
- $172,500 note principle (75% LTV)
- $57,500 cash paid at closing (25% on 75% LTV)
- $1,725 origination points (1% of the $172,500 principle amount)
- $9,488 interest payments (6 months x 11% interest)
-----------------------
= $34,788 gross profit (does not include taxes or rehab costs)
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