There are 49 fix and lenders that are flip loans in Ponca City, OK. In this town, the typical note quantity is $283,929. Prices for difficult cash loans average around 10.6%. The median loan released in this town is 17 months in total. The note that is mean a 3.4 point origination cost. The loan that is average value provided for loans in Ponca City is 71%.
Clarence closes on a $250,000 renovation task in Ponca City, okay, utilizing a difficult cash loan from Axis Investment Corporation. The loan to value (LTV) regarding the note is 85%. This means Clarence will need to bring 15% associated with the price towards the closing and also the concept shall be $212,500 in the loan. The offer also is made from the after features: 1) a 6 month size, 2) a 12% interest only note, and 3) a three point origination fee.
Consequently, Clarence are going to be necessary to add a $37,500 advance payment along with spending a $6,375 origination cost. Following the deal closes, he can need to pay the lender $2,125 in month-to-month interest charges, or 12% increased by $212,500 split by one year in per year. During the termination for the loan, he sells the renovated property for $375,000. The $212,500 principle on the loan, and the $37,500 he brought to the closing, he will make a gross profit of $105,875 ($375,000 sales price minus $269,125 in costs) after subtracting the $12,750 in interest payments ($2,125 multiplied by 6 months), the $6,375 origination fee. Any rehab would reduce this profit expenses paid of pocket.
Nicholas discovers home in Ponca City, okay to remodel and offer. Because he doesn’t have sufficient cash to purchase the property outright, he requires a fix and flip loan from North End Lending because of the after parameters: a) A $390,000 product sales cost, b) a 85% loan to value (LTV), c) a 18 thirty days term, d) a 13% rate of interest, and age) a 5% origination charge. Following the renovation task is finished, if Nicholas offers the task for $565,500, the results will be the following: $565,500 product product product sales cost $331,500 concept on note (85% LTV) $58,500 money paid at closing (15% on 85% LTV) $16,575 origination points (5percent associated with the $331,500 concept quantity) $64,643 interest re payments (18 months x 13% interest) $94,283 total revenue (will not add taxes or rehab discover here expenses)
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