Investment Property Loans in ,
Mansfield, MA has 50 investment property hard money lenders offering loans within the city. The median amount loaned in the city is $300,000. The median rate for loans in Mansfield is 10.8%. 16 months is the median length for notes issued in the city. The mean note includes a 3.2 point origination fee. Lenders typically offer a 73% loan to value (LTV) on hard money loans in Mansfield.
Loan Example 1
Patrice is a real estate investor in Mansfield, MA. She discovers a rental property she wants to acquire for $280,000 but she doesn't have enough cash so she obtains a hard money loan from Blue Sky Investments . The lender agrees to loan Patrice 55% of the list price of the property (LTV), so she will have to put down the remaining 45%. The other guidelines of the deal are the following: 1) a 4 year, interest-only note, 2) a 14% interest rate, and 3) a 1 point origination fee charged when the deal closes. By this deal, Patrice will have to fund $126,000 of her own money into the deal along with the $1,540 origination fee (1% x $154,000 principle loan). She will then have to make interest payments of $1,797 per month.
Loan Example 2
Fortune Finance Company issues a private loan to Abigail , a local real estate investor in Mansfield, MA who has decided to buy a $350,000 rental house. The lender loans Abigail 80% of the sales price of the investment property (LTV), so she will need to pay the other 20%. They also stipulate a 3 year, interest-only loan at a 14% rate of interest, with a 4 point origination fee paid at closing. Given this scenario, Abigail will will be required to make the following payments: 1) $70,000 down upon closing (based on the 80% LTV), 2) a $11,200 origination fee (4% x $280,000 principle), and 3) $3,267 monthly in interest payments.