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Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
There are 40 private money lenders serving Hemlock, MI. In this city, the mean amount for loans is $292,500. Rates on private loans made to Hemlock investors average around 9.8%. The average term offered for notes is 21 months. A typical loan made in this city includes a 3.1 percent origination cost. Lenders typically offer a 75% loan-to-value on hard money loans in Hemlock.
Jeri is a real estate investor in Hemlock, MI. She locates an older property and wants to renovate it and flip it for a profit. The property costs $340,000 but she does not have the full amount so she takes a private money bridge loan with Red View Investment Company. The loan to value (LTV) on the deal is 50%. This means that Jeri will need to bring 50% of the purchase price to closing and the principle amount will be $170,000 on the deal. The parameters of the deal also stipulate a four percent origination fee which is to be paid at closing and a 6 month, interest-only note with a 11% rate of interest.
Therefore, the borrower will be required to make a $170,000 down payment in addition to paying a $6,800 origination fee. The lender will collect $1,558 in monthly interest from the Jeri. This is calculated by taking the full loan amount of $170,000, multiplying by the 11% rate of interest, and then dividing that number by 12. If Jeri accomplishes her goal of a $476,000 sales price when the loan term expires, she would make a gross profit of $119,850 after re-paying the principle and deducting the cash she brought to closing, the origination points, and the total monthly interest payments.
Nathan finds a house in Hemlock, MI to rehab and sell. Because he does not have enough cash to buy the property outright, he takes a private money bridge loan from ABC Funding with the following parameters:
$400,000 sales price
55% loan-to-value (LTV)
6 month term
13% interest rate
2% origination fee
Assuming a $500,000 sales price after the 6 month term, the outcome for the project would look like this:
$500,000 sales price
- $220,000 loan principle (55% LTV)
- $180,000 cash paid at closing (45% on 55% LTV)
- $4,400 origination fee (2% of the $220,000 principle)
- $14,300 total interest paid (6 months x 13% interest)
-----------------------
= $81,300 total profit (doesn't include taxes or rehab costs)
Offering a better alternative to hard money, Navigator Private Capital, LLC (NavCap) has reimagined private real estate lending--making it accessible to real estate investors at all experience levels.
With more than $12.3B in funded loans, Kiavi is one of the nation’s largest private lenders to residential real estate investors!
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