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Clam Gulch, AK has 27 bridge lenders issuing loans in the city. The average loan made is around $287,500. Rates for private loans average 11.2%. 20 months is the average term for notes issued in the city. The average origination fee for loans is 2.6 percent. 73% is the average loan-to-value (LTV) offered for offered by lenders in Clam Gulch.
East Side Funding issues a private money bridge loan to Jon for a rehab project in Clam Gulch, AK, on a property that costs $320,000. As the lender agrees to a 60% loan-to-value, Jon will have to put 40% down and the total amount of the note will be $192,000. The terms of the deal dictate a 9% note for 12 months. They also stipulate a 2 point origination fee, which will also need to be paid at closing.
According to the parameters of the loan, Jon will be required to contribute a $3,840 origination fee in addition to 40% of the sales price, or $128,000, since there is a 60% LTV. Once the loan closes, he will need to pay East Side Funding $1,440 in monthly interest fees, or 9% multiplied times $192,000 divided by 12 months in a year. If Jon meets his goal of a $448,000 sales price at the end of the loan term, he would make a gross profit of $106,880 after re-paying the principle amount and deducting the cash he contributed at closing, the origination points, and the total monthly interest payments.
Clifton finds a townhouse in Clam Gulch, AK to remodel and resell. Since he does not have enough cash to buy the property outright, he takes a private money bridge loan from Number One Lending Corporation with the following parameters:
a) A $170,000 purchase price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 4% origination fee.
If Clifton achieves his goal of a $255,000 sales price, the numbers of the project will be as follows:
$255,000 sales price
- $110,500 principle (65% LTV)
- $59,500 cash paid at closing (35% on 65% LTV)
- $4,420 origination points (4% of the $110,500 principle)
- $8,840 total interest paid (12 months x 8% interest)
-----------------------
= $71,740 total profit (doesn't include taxes or renovation costs)
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