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Pennsylvania Hard Money Stats
According to private lending data provider, Analytics Logics, the average interest rate for hard money loans in Pennsylvania is 11.14%. Lenders are charging an average origination fee (points) of 3.00%. The average loan-to-value (LTV) for hard money loans in Pennsylvania is 65%, and the average loan amount is $235,104. These stats are the average of all the loans which were funded between April 1, 2023 and September 15, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Funded Hard Money Loans in Pittsburgh
Hard Money Loan for Student Housing in Pittsburgh, Pennsylvania
Equity Lending, Inc., a direct lender for the DMV region, funded a $700,000 1st lien position hard money loan for the acquisition of a 99-unit student housing building that housed students at Indiana University of Pennsylvania in Pittsburgh, PA. There was significant equity in the purchase, which enabled us to include 6 months of prepaid interest. Equity Lending does not typically include interest reserves, but we were able to make an exception in this case because of the strong acquisition and the Borrower’s credentials. The loan proceeds were used to acquire a large commercial property at a very desirable downtown location in Pittsburgh, PA. The Borrower had a strong plan to do a light renovation to increase rents and drive down expenses. He had prior experience in this type of project. The Borrower supplied his renovation funds and was quickly able to establish occupancy and strong cash flow. He was then able to secure permanent financing with a bank. The interest rate was 12%, and we did not charge any points. The loan term was set at 6 months. This hard money loan was funded in September 2016.