![]() ![]() This amount would be reduced by any renovation costs paid by the borrow. After subtracting the $21,038 in interest expenses ($1,169 times 18 months), the $6,375 origination fee, the $127,500 principle on the loan, and the $22,500 he contributed to the closing, he will make a gross profit of $25,088 ($202,500 price minus $177,413 in costs). At the end of the loan, he sells the rehabed house for $202,500. The monthly interest-only payments will then be $1,169 to the lender. Jumbo Loan A loan for 417,001 or more in the continental United States. In addition to paying the $6,375 origination fee, Norman will also fund $22,500 of the purchase with his own money, or 15% of the sales price. Bridge Loan An equity loan secured to solve short-term financing problem. The note is interest-only, with monthly payments, and is for 18 months at 11% interest with 5 origination points paid at the closing. This means that Norman will bring 15% of the sales price to the closing and the principle will be $127,500 on the loan. The loan-to-value (LTV) on the loan is 85%. ![]() Bank of Tennessee, First National Bank Texas, First National Credit Card. Search for other Loans in Jasper on The Real Yellow Pages. Container Store, ContextLogic, Continental Exchange Solutions, Inc. Since he does not have enough cash available to acquire the $150,000 property outright, he decides to take out a hard money bridge loan from North Star Funding Corporation. Get reviews, hours, directions, coupons and more for Continental Loans at 3703 Main St, Jasper, TN 37347. ![]() Norman finds a townhome in Jasper, TN to rehab and resell. ![]()
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