About Great Plains Funding
Great Plains Funding is a Topeka, KS based private money lender. They offer funding in Kansas City, Lawrence, Topeka, Oklahoma City, and Tulsa. Their lending focus is mainly on fix and flip loans. They provide loans with a maximum LTV of 70%, rates ranging between 8% and 15%, and terms up to 6 months. They will consider different loan requests but primarily focus on single family and multi-family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Kansas City, Lawrence, Topeka, Oklahoma City, Tulsa, Johnson County, Leavenworth County, Wyandotte County
Lending Guidelines for Great Plains Funding
Below are the general loan guidelines published on the Great Plains Funding website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: N/A
Available Rates: 8% - 15%
Typical Terms: 6 months
Points Charged: 3% - 8%
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 5 - 7 Days
The following loans are for education purposes only. They do not represent actual loans executed by Great Plains Funding.
Loan Example 1
Margret takes a private money loan from Great Plains Funding in order to renovate a townhome to resale in Kansas City, KS. The sales price of the property is $280,000. The borrower will be required to bring 20% of the sales price in cash to the closing based on a 80% loan-to-value set by the lender. This makes the loan principle from Great Plains Funding $224,000. The rate on the loan is 9% for a length of 12 months and the company requires a five point origination fee at closing. The interest payments are to be paid monthly and the principle amount will be paid back after the sale of the property.
The borrower will have to bring a total of $32,400 up front to pay the $56,000 down payment in addition to the $11,200 origination fee. The monthly interest only payments will then be $1,680 to the lender. If Margret sells the property for $392,000 after 12 months, she would earn a total profit of $80,640 after subtracting the original principle of $224,000, the cash paid at the close of $56,000, the origination fee of $11,200, and the aggregate interest payments of $20,160. This gross profit doesn't include renovation costs.
Loan Example 2
Socorro takes out a hard money loan from Great Plains Funding so she can remodel a house to re-sell in Kansas City, KS. The loan has the following terms:
$180,000 sales price
70% loan-to-value (LTV)
6 month term
12% interest rate
3% origination fee
Assuming a $234,000 sales price at the end of the 6 month term, the numbers for this project would look like the following:
$234,000 sales price
- $126,000 loan principle (70% LTV)
- $54,000 down payment (30% on 70% LTV)
- $3,780 origination points (3% of the $126,000 principle amount)
- $7,560 total interest paid (6 months x 12% interest)
= $42,660 gross profit (doesn't include taxes or rehab costs)
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