About Talt Properties
Talt Properties is private lender based in Moore, OK. They provide loans throughout Oklahoma City. Their focus is mainly on fix and flip hard money loans. Their loan parameters are versatile, including rates from 20.9%, terms up to 6 months, and loans with a maximum LTV of 50%. They will consider varying lending requests but primarily focus on single family residences and multi family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Oklahoma City
Fix and Flip LoansLoan Amounts: N/A
Available Rates: 20.9%
Typical Terms: 6 months
Points Charged: 3%
Max Loan-to-Value (LTV): 50%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
Loan Example 1
Steve is a house flipper in Oklahoma City, OK. He finds an older property and decides to rehab it and sell it for a profit. The house costs $290,000 but he doesn't have the full amount so he obtains a fix-and-flip loan with Talt Properties. The lender agrees to write a loan with a 60% loan-to-value (LTV) so they are willing to extend $174,000 on the house. The note is interest only, paid monthly, and is for 18 months at 11% interest with 3 origination points to be paid when the deal closes.
By the parameters of the loan, Steve will need to pay a $5,220 origination fee in addition to 40% of the sales price, or $116,000, since there is a 60% LTV. he will then pay $1,595 monthly to the lender. Assuming Steve sells the rehabed project for $420,500 at the end of the 18 month term, his gross profit (not including renovation costs) would be $96,570. This is computed by taking the purchase price ($420,500) and subtracting the principle ($174,000), the origination fee ($5,220), the money he contributed to closing ($116,000), and the total interest expenses ($28,710).
Loan Example 2
Talt Properties makes a fix and flip loan to Lorrie for a rehab project in Oklahoma City, OK. The deal includes the following:
a) A $270,000 purchase price, b) a 55% loan-to-value (LTV), c) a 12 month term, d) a 13% interest rate, and e) a 1% origination fee.
After the renovation project is finished, if Lorrie sells the property for $351,000, the final numbers would be as follows:
$351,000 sales price
- $148,500 loan principle (55% LTV)
- $121,500 cash paid at closing (45% on 55% LTV)
- $1,485 origination points (1% of the $148,500 principle)
- $19,305 total interest paid (12 months x 13% interest)
= $60,210 gross profit (does not include taxes or renovation costs)
by Jared T. 05/25/2015
They are the best! Great work! Very responsive and attentive! Great at answering questions and concerns! They make sure everything gets done, and that you...
Read more on Yelp!They are the best! Great work! Very responsive and attentive! Great at answering questions and concerns! They make sure everything gets done, and that you...
Read more on Yelp!