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Hope, AK has 27 hard money bridge lenders operating in the city. Note amounts average about $287,500. The median interest rate for loans in Hope is 11.2%. 20 months is the median term for loans issued in the city. A typical loan issued in this city includes a 2.6 point origination fee. Lenders in Hope average a 73% loan to value on their deals.
Willard closes on a $390,000 renovation project in the Sunrise area of Hope, AK, using a bridge loan from Presitge Investment Corporation. The lender agrees to make a note with a 60% loan to value (LTV) so they will loan $234,000 on the project. The note is interest only, paid monthly, and is for 12 months at 10% interest with 1 points paid at closing.
Accordingly, the borrower will have to contribute a $156,000 down payment in addition to paying a $2,340 origination fee. Once the loan is executed and Willard takes on the project, he will begin making monthly payments of $1,950 to the lender ($234,000 principle x 10% / 12 months). If Willard sells the house for $526,500 after 12 months, he would realize a total profit of $110,760 after subtracting the original principle of $234,000, the money contributed at the close of $156,000, the origination fee of $2,340, and the total interest payments of $23,400. This profit doesn't account for building costs.
Josefina locates a townhouse in the Sunrise area of Hope, AK to remodel and sell. Because she does not have enough cash to buy the property outright, she takes a bridge loan from Suburban Investment Group with the following parameters:
$260,000 sales price
70% loan-to-value (LTV)
6 month term
9% rate of interest
4% origination fee
After the rehab project is completed, if Josefina sells the house for $377,000, the numbers would be as follows:
$377,000 sales price
- $182,000 loan principle (70% LTV)
- $78,000 cash paid at closing (30% on 70% LTV)
- $7,280 origination fee (4% of the $182,000 principle amount)
- $8,190 interest payments (6 months x 9% interest)
-----------------------
= $101,530 gross profit (doesn't include taxes or renovation costs)
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45 North Station Plaza
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645 Madison Ave
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Miami, FL 33145
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42 Thompson Street, Suite 1A
East Haven, CT 06513
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75 Arlington Street, Suite 500
Boston, MA 02116
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Lansdale, PA 19446
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