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Douglas, AK has 27 hard money bridge lenders in the city. The mean note amount in the city is $287,500. Interest rates for hard money loans average 11.2%. The mean length for notes is 20 months. The mean origination fee for loans is 2.6 points. Lenders in Douglas average a 73% LTV on their deals.
Success Lending Company issues a hard money bridge loan to Heather for a remodeling project in Douglas, AK, on a house that is listed for $170,000. The loan-to-value (LTV) on the note is 70%. This means Heather will have to bring 30% of the sales price to the closing and the principle amount will be $119,000 on the loan. The note is interest only, with monthly payments, and is for 12 months at 10% interest with 5 points to be paid at closing.
Heather will have to bring $51,000 to closing (30% on the 70% LTV), plus she will pay the $5,950 origination fee. The lender will collect $992 in monthly interest from the Heather. This is computed by taking the full note amount of $119,000, multiplying by the 10% rate of interest, and then dividing that number by 12. If Heather accomplishes her goal of a $238,000 sales price when the loan expires, she would collect a gross profit of $50,150 after repaying the principle on the note and subtracting the money she brought to closing, the origination fee, and the total monthly interest payments.
Rosemary locates a duplex in Douglas, AK to renovate and resell. Since she does not have enough cash to buy the property outright, she takes a hard money bridge loan from Red City Finance with the following parameters:
a) A $380,000 purchase price, b) a 55% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 4% origination fee.
Based on a $532,000 sales price after the 12 month term, the final numbers for the deal would look like the following:
$532,000 sales price
- $209,000 principle (55% LTV)
- $171,000 cash paid at closing (45% on 55% LTV)
- $8,360 origination fee (4% of the $209,000 principle amount)
- $18,810 interest payments (12 months x 9% interest)
-----------------------
= $124,830 gross profit (doesn't include taxes or renovation costs)
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5230 Las Virgenes Rd, Suite 105
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259 Minot Ave
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1515 Hancock Street, Suite 404
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45 North Station Plaza
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2475 Albany Ave #203B
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5660 Strand Court
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Miami, FL 33145
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42 Thompson Street, Suite 1A
East Haven, CT 06513
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10575 N. 114th St. Suite 103
Scottsale, AZ 85259
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75 Arlington Street, Suite 500
Boston, MA 02116
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20 West Vine Street #575
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Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
207 Mockingbird Ln, #402
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