Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
Bridge Loans in Cedar Crest, New Mexico
There are 34 records for private money bridge lenders offering loans in Cedar Crest, NM. The mean loan amount in this city is $300,000. Rates for loans average around 10.4%. The typical length offered for notes is 21 months. The average hard money loan offered in this city includes a 2.6 percent origination charge. Lenders in Cedar Crest average a 76% loan-to-value on their loans.
Loan Example 1
Gordon is an investor in Cedar Crest, NM. He discovers an older property in the Enchanted Park area and decides to rehab it and sell it for a profit. The property costs $180,000 but he doesn't have the full amount so he takes out a hard money bridge loan with West End Finance Company. The borrower will have to contribute 45% of the purchase price in cash to closing based on a 55% loan-to-value set by the lending company. This makes the principle amount from West End Finance Company $99,000. The loan is interest only, paid monthly, and is for 6 months at 10% interest with 3 points to be paid when the deal closes.
According to the parameters of the note, Gordon will have to pay a $2,970 origination fee plus 45% of the purchase price, or $81,000, since there is a 55% LTV. West End Finance Company will collect $825 in monthly interest payments from the borrower. This is calculated by taking the full loan value of $99,000, multiplying by the 10% rate of interest, and then dividing that number by 12. If Gordon sells the project for $270,000 after 6 months, he would realize a total profit of $82,080 after subtracting the original principle of $99,000, the funds paid at closing of $81,000, the origination fee of $2,970, and the total interest payments of $4,950. This gross profit doesn't account for remodeling costs.
Loan Example 2
Dolly is a real estate investor in the Peppertree-Royal Oak neighborhood of Cedar Crest, NM. She purchases a run-down house for a remodeling project and obtains a hard money bridge loan from Number One Finance Corporation with the following terms:
$400,000 sales price
55% loan to value (LTV)
6 month term
11% rate of interest
2% origination fee
Dolly intends to list the property when the note expires for $480,000. If she achieves this goal, the deal numbers would be the following:
$480,000 sales price
- $220,000 principle (55% LTV)
- $180,000 cash paid at closing (45% on 55% LTV)
- $4,400 origination fee (2% of the $220,000 principle amount)
- $12,100 interest payments (6 months x 11% interest)
-----------------------
= $63,500 total profit (doesn't include taxes or renovation costs)
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Anchor Loans
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Harbor Private Equity
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259 Minot Ave
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LendingOne
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Gelt Financial
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Cherrywood Commercial
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Heartland Capital Group
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Red Rock Capital
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Sharestates
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Mountain View Investors
7820 Enchanted Hills Blvd NE, Suite A-128
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Roc Capital
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Primeau Funding
10575 N. 114th St. Suite 103
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Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
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11 Capital Finance
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Allied Commercial Funding
5737 Kanan Rd
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