There are 49 fix and lenders that are flip loans in Ponca City, OK. The average note amount is $283,929 in this city. Rates for difficult cash loans average around 10.6%. The loan that is median in this town is 17 months in total. The note that is mean online payday loans Connecticut a 3.4 point origination cost. The typical loan to value provided for loans in Ponca City is 71%.
Clarence closes for a $250,000 renovation task in Ponca City, okay, utilizing a money that is hard from Axis Investment Corporation. The mortgage to value (LTV) in the note is 85%. This means Clarence will have to bring 15% for the price to your closing in addition to concept shall be $212,500 in the loan. The offer additionally is comprised of the after features: 1) a 6 month size, 2) a 12% interest only note, and 3) a three point origination cost.
Consequently, Clarence will likely 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 lending company $2,125 in monthly interest charges, or 12% increased by $212,500 split by one year in per year. During the expiration of this loan, he sells the renovated home 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. This revenue could be paid off by any rehab expenses given out of pocket.
Nicholas discovers home in Ponca City, okay to renovate and offer. He takes a fix and flip loan from North End Lending with the following parameters: a) A $390,000 sales price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 5% origination fee because he does not have enough cash to buy the property outright. Following the renovation task is finished, if Nicholas offers the task for $565,500, the results will be the following: $565,500 product product sales cost $331,500 concept on note (85% LTV) $58,500 cash compensated at closing (15% on 85% LTV) $16,575 origination points (5percent associated with the $331,500 concept quantity) $64,643 interest payments (18 months x 13% interest) $94,283 total revenue (will not add fees or rehab expenses)
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