Gillette, WY has 29 hard money refi lenders serving the city. In this city, the median amount for loans is $288,889. The median rate for private loans in Gillette is 11.2%. The average note issued in the city has a term of 36 months. A typical loan issued in this city carries a 3.3 point origination charge. The typical loan to value (LTV) for loans in Gillette is 75%.
Max owns a a retail space he uses for his company's operations in Gillette, WY. He comes to an arrangement with his partner to buy out their ownership of the partnership but he doesn't have enough personal funds for the deal. In order to make the deal happen, he takes cash out of the equity in the property via a private money cash-out refinance through Blue Mountain Finance Corporation . The lender does a market value analysis and determines the property to be worth $1,600,000. They will loan Max 70% of this estimated market value (the LTV). The other specifications of the loan are as follows : 1) a 11% rate of interest, 2) a 1 year term with interest-only payments paid monthly, and 3) 5 points paid at closing. Max will receive $1,064,000 in cash from Blue Mountain Finance Corporation when the transaction closes ($1,600,000 estimated value x 70% LTV - $56,000 in origination charges). He will then begin making payments each month of $10,267 for the 1 year duration of the note. He will also make one final balloon payment of $1,120,000 to retire the debt.
Tony owns a company in Gillette, WY. He runs his operation out of a warehouse which he owns outright. He comes to an agreement with his partner to buy out their ownership of the business but he doesn't have enough cash for the deal. To make the transaction happen, he takes cash out of the equity in his building via a hard money cash out refinance through P & J Investment Group . The lender carries out a valuation comparison and determines the building to be worth around $1,500,000. They will loan Tony 45% of the estimated market value (the LTV). The other parameters of the loan are the following : 1) a 13% rate of interest, 2) a 2 year term with interest-only payments paid each month, and 3) 5 points paid at the closing. Based upon the terms of the loan scenario, P & J Investment Group will loan Tony a total of $641,250 on his real estate ($1,500,000 market value x 45% loan to value - $33,750 in origination fees). Tony will then pay $7,313 per month in interest until the note expires and will then re-pay the $675,000 principle of the note.