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Anchorage, AK has 27 private money bridge lenders offering loans within the city. In this city, the average note amount is $287,500. Interest rates for hard money loans average about 11.2%. The mean note issued in the city has a term of 20 months. The mean loan includes a 2.6 point origination charge. The median LTV offered for loans in Anchorage is 73%.
Nelda closes on a $260,000 renovation project in the Downtown neighborhood of Anchorage, AK, using a hard money bridge loan from Brook View Lending Group. The loan to value (LTV) on the note is 55%. This means Nelda will need to bring 45% of the purchase price to closing and the principle amount will be $143,000 on the note. The parameters of the deal dictate a 14% note for 18 months. They also stipulate a 3 point origination fee, which will also be paid when the property closes.
Therefore, Nelda will need to contribute a $117,000 down payment plus pay a $4,290 origination fee. The lender will collect $1,668 in monthly interest payments from the Nelda. This is computed by taking the full note amount of $143,000, multiplying by the 14% rate of interest, and then dividing that amount by 12. Nelda's intention is to finish the rehab by the end of the 18 months and re-sell it for $364,000. If she succeeds she will earn a total profit of $69,680 ($364,000 price - $143,000 principle amount - $117,000 cash paid at closing - $4,290 origination fee - $30,030 in total interest payments.
Alvin is a real estate investor in the Taku-Campbell neighborhood of Anchorage, AK. He purchases a run-down townhouse for a rehab project and takes out a bridge loan from Uptown Investments with the following terms:
$320,000 purchase price
60% loan to value (LTV)
6 month term
14% interest rate
4% origination fee
Based on a $384,000 sales price after the 6 month term, the numbers for this deal would look like this:
$384,000 sales price
- $192,000 loan principle (60% LTV)
- $128,000 down payment (40% on 60% LTV)
- $7,680 origination fee (4% of the $192,000 principle amount)
- $13,440 interest payments (6 months x 14% interest)
-----------------------
= $42,880 gross profit (does not include taxes or renovation costs)
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