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Ian is an actual property investor hard money loans los angeles and he decides to assemble a duplex on lots in Wheeling, WV. After deducting all costs, Ian will pocket a $62,280 gross profit if he succeeds in his aim of a $490,000 sales value. Building prices might be paid in multiple draws and there can be no pre-payment penalties assessed. Given this mortgage scenario, the lender will contribute $296,000 of the plot and the development costs. They conform to a 11% interest price for 18 months plus a three level origination price. On prime of the $170,000 price of the lot, Ian estimates he would require around $200,000 in development prices to finish the house. The borrower might want to pay $74,000 down, a $8,880 origination charge, and $2,713 per thirty days in observe payments. Blue Square Investment Corporation issues a 80% loan-to-worth (LTV) development mortgage to Ian to be able to pay for the transaction.
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