
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
Randolph, MA has 50 private money lenders operating in the city. The average amount loaned is $373,750. The average rate for private loans in Randolph is 11.8%. 24 months is the average length for notes issued in this city. The average note includes a 2.5 point origination charge. Lenders in Randolph average a 75% loan-to-value (LTV) on their deals.
Kevin takes a private money loan from South End Finance Company in order to remodel a duplex to flip in Randolph, MA. The list price of the property is $220,000. The loan-to-value (LTV) on the deal is 60%. This means Kevin will bring 40% of the sales price to the closing and the principle amount will be $132,000 on the loan. The rate on the loan is 10% for a term of 18 months and the company requires a four point origination fee at the closing. The interest is to be paid monthly and the principle will be repaid after the sale of the property.
On top of the $5,280 origination fee, Kevin will also have to fund $88,000 of the purchase with his own cash, or 40% of the sales price. Once the loan is closed and Kevin takes over the property, he will have to begin making payments each month of $1,100 to the lender ($132,000 principle x 10% / 12 months). If Kevin sells the house for $297,000 after 18 months, he would then realize a total profit of $51,920 after deducting the principle amount of $132,000, the cash contributed at the close of $88,000, the origination points of $5,280, and the aggregate interest payments of $19,800. This amount does not include rehab costs.
Monica locates a duplex in Randolph, MA to remodel and re-sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Deep Lake Lending Group with the following parameters:
$390,000 sales price
75% loan to value (LTV)
6 month term
8% interest rate
2% origination fee
After the rehab project is complete, if Monica sells the project for $468,000, the outcome would be as follows:
$468,000 sales price
- $292,500 principle on note (75% LTV)
- $97,500 down payment (25% on 75% LTV)
- $5,850 origination fee (2% of the $292,500 principle amount)
- $11,700 interest payments (6 months x 8% interest)
-----------------------
= $60,450 gross profit (does not include taxes or renovation costs)
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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