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Sebring, FL has 50 hard money lenders serving the city. The mean amount loaned in this city is $290,625. Rates on loans issued to Sebring borrowers average around 11.1%. The typical note issued in this city is 39 months in length. The mean origination percentage added to loans is 3.1%. Lenders typically offer a 71% LTV on deals in Sebring.
Latonya closes on a $190,000 renovation project in Sebring, FL, using a hard money loan from Dynamic Funding Company . The loan-to-value (LTV) on the deal is 75%. This means that Latonya will need to bring 25% of the purchase price to the closing and the principle will be $142,500 on the deal. The loan is interest-only, with monthly payments, and is for 6 months at 11% interest with 5 origination points paid at closing.
In addition to paying the $7,125 origination fee, Latonya will also have to fund $47,500 of the purchase with her own funds, or 25% of the purchase price. she will then pay $1,306 monthly to Dynamic Funding Company . If Latonya sells the property for $266,000 after 6 months, she would then make a gross profit of $61,038 after subtracting the original principle of $142,500, the cash contributed at closing of $47,500, the origination points of $7,125, and the total interest payments of $7,838. This gross profit doesn't account for rehab costs.
Edward takes a loan from GJ Finance Group in order to renovate a townhome to resell in Sebring, FL. The loan has the following parameters:
$360,000 purchase price
80% loan-to-value (LTV)
18 month term
12% interest rate
4% origination fee
Assuming a $540,000 sales price after the 18 month term, the final numbers for this deal would look like this:
$540,000 sales price
- $288,000 loan principle (80% LTV)
- $72,000 cash paid at closing (20% on 80% LTV)
- $11,520 origination points (4% of the $288,000 principle amount)
- $51,840 interest payments (18 months x 12% interest)
-----------------------
= $116,640 gross profit (does not include taxes or renovation costs)
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Capstone Financial is a Scottsdale, AZ based hard money lender who provides loans all across the US. They provide lending solutions for a variety of needs and situations, including cash out loans, fix and flip hard money loans, short ...
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Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
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