Investment Property Loans in ,
There are 27 investment property private money lenders offering loans in Waterloo, IA. Loan amounts average about $299,167. Interest rates for hard money loans average 10.4%. The median loan made in this city has a length of 15 months. The average origination percentage applied to the loans is 3.4%. Lenders offer on average a 75% loan-to-value (LTV) on deals in Waterloo.
Loan Example 1
Jean decides to purchase an investment property in Waterloo, IA for $390,000 with a private loan from Prosperity Finance Group . The lender agrees to loan Jean 65% of the purchase price of the property (LTV), so she will have to pay the other 35%. The other parameters of the deal are the following: 1) a 2 year, interest only loan, 2) a 14% rate of interest, and 3) a 5% origination fee charged at closing. Jean will be required to fund $136,500 of her own cash at the close of the deal (based on the 65% LTV) in addition to the $12,675 in origination points (5% x $253,500 principle), plus she will also start making payments of $2,958 per month once the deal is closed.
Loan Example 2
East End Lending makes a private loan to Franklin , a local real estate investor in Waterloo, IA who has decided to buy a $350,000 investment property. The lender agrees to loan Franklin 55% of the value of the property (LTV), so he will have to put down the remaining 45%. By the terms of the loan, the note is for 5 years at 11% interest. A 1 point origination fee will have to be paid at closing and Franklin will have to make interest only payments with a balloon payment for the principle due at the end of the deal. Franklin will be required to fund $157,500 of his own cash at closing (based on the 55% LTV) in addition to the $1,925 in origination points (1% x $192,500 principle), and he will also start paying $1,765 monthly when the loan is closed.