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Cooper Landing, AK has 27 lenders operating within the city. In this city, the average loan amount is $287,500. Interest rates for hard money loans average 11.2%. The median loan issued in this city is for 20 months. The mean origination percentage charged on the loans is 2.6%. Lenders typically offer a 73% loan-to-value on hard money loans in Cooper Landing.
Marina finds a property in Cooper Landing, AK to renovate and sell. Since she doesn't have enough cash on-hand to buy the $300,000 property outright, she takes out a hard money bridge loan from West Shore Investment Corporation. The lender agrees to issue a note with a 75% loan to value (LTV) so they will extend $225,000 on the property. The deal also includes these features: 1) a 6 month term, 2) a 12% interest only note, and 3) a one point origination charge.
Marina will have to contribute $75,000 to the closing (25% on the 75% loan to value), plus she will need to pay the $2,250 origination fee. After the deal is closed and Marina takes the property, she will begin making monthly payments of $2,250 to West Shore Investment Corporation ($225,000 principle x 12% / 12 months). Marina's plan is to finish the remodel by the end of the 6 months and sell it for $360,000. If she succeeds she will collect a profit of $44,250 ($360,000 price - $225,000 principle amount - $75,000 funds brough to closing - $2,250 origination points - $13,500 in total interest.
Molly takes a hard money bridge loan from North Shore Finance Corporation so she can rehab a house to re-sell in Cooper Landing, AK. The deal has the following terms:
a) A $350,000 sales price, b) a 75% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 1% origination fee.
If Molly achieves her goal of a $420,000 sales price, the final numbers of the project will be the following:
$420,000 sales price
- $262,500 principle (75% LTV)
- $87,500 cash paid at closing (25% on 75% LTV)
- $2,625 origination fee (1% of the $262,500 principle amount)
- $28,875 total interest paid (12 months x 11% interest)
-----------------------
= $38,500 total profit (doesn't include taxes or renovation costs)
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