A total of 39 records for hard money refinance lenders were found in Whiting, IN. In this city, the median loan amount is $294,167. Rates for private loans average around 10.7%. 15 months is the median term for loans offered in this city. The mean origination for loans is 3.2 points. 73% is the average loan to value offered for for loans in Whiting.
Bruce owns a an office building he uses for his business's operations in Whiting, IN. He comes to an agreement with his partner to buy out their ownership of the operation but he does not have enough personal cash for the deal. In order to make the transaction move forward, he takes cash from the equity he has in his property via a private money cash out refinance from Coastal Lending Company . In exchange for a first lien position on the real estate, the lender will loan Bruce 40% of its $900,000 value. Additionally, they settle on a 14% interest rate, a 3 year note length, and they will collect an origination fee of 4 percent at closing. Interest-only payments are to be paid each month with the principle to be repaid when the note expires. The principle amount is $360,000 but Coastal Lending Company will pay Bruce $345,600 after charging the origination fee of $14,400. Additionally, they will receive $4,200 in monthly interest payments until they are paid back when the note expires.
Bettie is a small business owner in Whiting, IN who owns a warehouse for her operations. She makes an agreement with her business partner to buy out their piece of the company but she does not have enough cash on hand to do so. To make the transaction move forward, she takes cash out of the equity in her building through a hard money cash out refi loan through Evergreen Lending . The lender agrees to fund 50% of the value of the real estate (LTV) for a first lien position and they estimate it to be valued at approximately $1,200,000. The other terms of the deal are as follows : 1) a 12% interest rate, 2) a 2 year length with interest only payments paid monthly, and 3) 1 points charged at the closing. The principle is $600,000 but Evergreen Lending will pay Bettie $594,000 after charging the origination fee of $6,000. Additionally, they will collect $6,000 in monthly interest payments until they are paid off when the note expires.