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Ester, AK has 27 private money bridge lenders offering loans within the city. Loan amounts average around $287,500. Interest rates for hard money loans average around 11.2%. The average loan issued in this city is 20 months in length. The mean note includes a 2.6 point origination fee. Lenders in Ester average a 73% loan to value (LTV) on their deals.
Ray finds a property in the Ester subdivision of Ester, AK to renovate and sell. Since he does not have enough cash available to buy the $230,000 property outright, he decides to take out a bridge loan from Famous Investment Corporation. The borrower will be required to contribute 15% of the sales price in cash to closing based on a 85% loan to value set by the lender. This makes the principle note from Famous Investment Corporation $195,500. The parameters of the deal also stipulate a five percent origination fee which will be paid at closing and a 12 month, interest only note with a 12% rate of interest.
Ray will need to bring $34,500 to closing (15% on the 85% LTV), plus he will pay the $9,775 origination fee. he will then pay $1,955 monthly to Famous Investment Corporation. Ray's plan is to complete the renovation within the 12 months and sell it for $322,000. If he succeeds he will earn a profit of $58,765 ($322,000 price - $195,500 principle amount - $34,500 cash at closing - $9,775 origination fee - $23,460 in total interest payments.
Friendly Investments issues a hard money bridge loan to Armando for a renovation project in the Ester neighborhood of Ester, AK. The loan includes the following:
a) A $170,000 sales price, b) a 85% loan-to-value (LTV), c) a 18 month term, d) a 14% interest rate, and e) a 4% origination fee.
Armando plans to sell the house at the end of the term for $229,500. If he accomplishes his goal, the final numbers would be the following:
$229,500 sales price
- $144,500 note principle (85% LTV)
- $25,500 cash paid at closing (15% on 85% LTV)
- $5,780 origination fee (4% of the $144,500 principle)
- $30,345 interest payments (18 months x 14% interest)
-----------------------
= $23,375 total profit (doesn't include taxes or rehab costs)
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