A total of 30 records for private money refinance lenders were found in Somerville, TN. The average loan issued to borrowers is around $295,000. Rates on loans made to Somerville investors average about 10.0%. 39 months is the average length for loans issued in the city. The average loan includes a 3.4 point origination charge. Lenders in Somerville average a 73% loan to value (LTV) on their loans.
Corey operates a small business in Somerville, TN. He runs his operation from a commercial building which he owns outright. In order to generate much needed capital to grow his business, he cashes out a portion of the equity he has in his building via a private money cash out refinance loan from Pretty Perfect Lending Corporation . The lender agrees to loan 40% of the estimated value of the real estate (LTV) in exchange for a deed of trust and they estimate the building to be worth about $1,800,000. Additionally, they specify a 11% rate of interest, a 4 year loan period, and will collect an origination fee of 5 percent at the close. Interest-only payments should be paid each month with the principle repaid when the loan expires. By the terms of the loan scenario, Pretty Perfect Lending Corporation will loan Corey a total of $684,000 on his property ($1,800,000 market value x 40% loan to value - $36,000 in origination charges). Corey will then pay $6,600 monthly in interest payments until the loan matures and will finally re-pay the $720,000 face amount of the loan.
Deanna is an entrepreneur in Somerville, TN and she owns a warehouse for her operation. She comes to an arrangement with her business partner to buy out their ownership of the business but she does not have enough personal funds for the deal. To make the transaction move forward, she takes money out of the equity she has in her building through a private money cash-out refi loan from Flippers Funding Company . After deeming the property to be worth around $1,000,000, they contract to a 70% loan to value (LTV) for the loan. The lender will begin to collect interest only payments for a 3 year term. They will also be paid 2 points when the loan closes and will get the principle paid back in one balloon payment when the loan expires. Deanna receives $686,000 in cash from Flippers Funding Company when the loan closes ($1,000,000 value x 70% loan to value - $14,000 in origination fees). She will then make payments each month of $5,250 for the 3 year duration of the loan. She will also make a final balloon payment of $700,000 to retire the debt.