Investment Property Loans in ,
There are 50 records for investment property hard money lenders operating in Wimauma, FL. The average amount loaned is $307,188. Interest rates on hard money loans made to Wimauma investors average about 11.6%. 25 months is the average term for loans offered in the city. The average loan made in the city carries a 3.5 percent origination fee. Lenders offer on average a 74% loan-to-value on deals in Wimauma.
Loan Example 1
Virgie decides to acquire a rental property in Wimauma, FL for $160,000 using a private loan from GJ Lending . Virgie and GJ Lending contract to a 85% loan-to-value (LTV) so they will contribute 85% of the purchase price and Virgie will be responsible for the other 15%. The loan additionally lays out a 2 year note with interest-only payments at 14%, and a 2% origination fee. According to the terms of the loan, Virgie 's payments will be $1,587 on a monthly basis. Also, she will need to contribute $24,000 in cash at the close plus the $2,720 origination fee. Upon expiration of the loan, she will be responsible for repaying the $136,000 principle in a final balloon payment.
Loan Example 2
Evergreen Lending makes a hard money loan to Lee , a local investor in Wimauma, FL who wishes to acquire a $200,000 investment property. Lee and Evergreen Lending contract to a 50% loan to value (LTV) so they will fund 50% of the purchase price and Lee will be responsible for the other 50%. The additional terms of the deal are as follows: 1) a 1 year, interest-only loan, 2) a 11% interest rate, and 3) 3 origination points charged when the deal closes. Given this deal, Lee will have to make these payments: 1) $100,000 down when the deal closes (due to the 50% LTV), 2) $3,000 in origination points (3% x the $100,000 principle), and 3) $917 monthly in interest payments.