There are 47 private money lenders offering refinancing in Medford, NY. The median note amount is $286,429. Interest rates on loans made to Medford investors average about 10.2%. The mean loan made in the city has a term of 43 months. The average loan offered in the city carries a 2.6 percent origination cost. The typical loan-to-value for loans in Medford is 73%.
Julian operates a company in Medford, NY. He runs his operation out of an office building that he owns outright. He looks to Prime Time Funding Group for a cash-out refinance after he is denied a loan by his credit union for his company's current operational requirements. After concluding the property to be valued at around $600,000, the lender agrees to a 55% loan-to-value (LTV) for the transaction. The lender will subtract 3 origination points at the close and will then receive interest-only payments at 12% for 4 years. The principle is to be re-paid in a single balloon sum when the note expires. Julian receives $320,100 in cash from Prime Time Funding Group when the loan closes ($600,000 estimated value x 55% LTV - $9,900 in origination points). He will then begin making monthly payments of $3,300 for the 4 year length of the note. He will also make one final payment of $330,000 to retire the debt.
Johnnie owns a a retail space he uses for his company's operations in Medford, NY. He looks to Smith Lending for a cash out refinance after he is denied a loan by his local bank to pay for his business's current inventory requirements. The lender carries out a market value analysis and deems the building is worth $2,400,000. They agree to loan Johnnie 50% of the estimated value (the LTV). Additionally, they stipulate a 10% interest rate, a 4 year loan term, and will collect an origination fee of 4 percent at the closing. Interest-only payments are to be made each month with the loan principle to be re-paid when the note matures. Johnnie will receive $1,152,000 in cash from Smith Lending when the transaction is closed ($2,400,000 value x 50% loan to value - $48,000 in origination charges). He will then make monthly payments of $10,000 for the 4 year length of the note. He will also make a final balloon payment of $1,200,000 to close the debt.