Kentucky New Construction Loans
Kentucky has 7 construction hard money lenders in the state. The average amount loaned is $447,499. The average interest rate for private loans in Kentucky is 10.7%. The mean loan made in this state is for 18 months. The mean origination fee for loans is 3.5 points. Lenders typically offer a 75% loan to value on deals in Kentucky.
Loan Example 1
Shannon is an investor in Lexington, KY. She decides to buy a home lot to construct a new home. Shannon expects that the building expenses will be around $300,000 and the land is listed for $310,000. In order to pay for the deal, she obtains a new construction loan from Blue Square Funding Company . They agree to issue a loan with a 9% interest rate for 12 months and three origination points paid at the closing. They also agree to loan 75% of the aggregate expenses (the loan to value or "LTV"). Construction costs are to be paid in multiple draws and there will be no pre-payment penalties. According to this loan scenario, Shannon will have to pay the following: 1) $152,500 cash down (based on the 75% LTV), 2) a $13,725 origination charge ($457,500 principle x 3%), and 3) $3,431 monthly payments. After deducting all expenses, Shannon will earn a $155,100 total profit if she achieves his goal of a $820,000 sales price.
Loan Example 2
Janette is an investor and wants to construct a duplex on a land plot in Lexington, KY. In order to pay for the transaction, she obtains a new construction loan from Allstar Lending Corporation with these terms:
If Janette succeeds in her goal of a $650,000 sale, the final numbers of the project would be as follows:
$650,000 sales price
- $442,000 principle on note (85% LTV)
- $78,000 cash paid at closing (15% on 85% LTV)
- $8,840 origination fee (2% of the $442,000 principle amount)
- $35,360 interest payments (12 months x 8% interest)
= $85,800 total profit
Lima One Capital is a hard money lender based in Greenville, SC providing loans in 40 states across the US. They offer loans for many different scenarios, including fix-and-flip hard money loans, construction loans, refinancing, and investment property ...
Island View Private Loan Fund
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
(952) 345-3445 Website
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
Investor Rehab Funding is hard money lender headquartered in Atlanta, GA. They provide loans in 40 states throughout the US. They offer fix-and-flip hard money loans, private refinancing, investment property loans, and new construction loans. ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
Normandy is a Rochester, NY based private money lender. They provide funding in 39 states throughout the country. They provide ground-up construction loans, long term rental property loans, cash out hard money loans, fix and flip hard money ...
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...