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Kasilof, AK has 27 lenders serving the city. The mean note issued is about $287,500. Interest rates for private loans average 11.2%. 20 months is the mean term for notes issued in the city. The average hard money loan offered in the city carries a 2.6 percent origination cost. 73% is the typical loan to value (LTV) for for loans in Kasilof.
Tricia closes on a $290,000 rehab project in the Cohoe area of Kasilof, AK, using a hard money bridge loan from XYZ Finance Corporation. The loan to value (LTV) on the loan is 70%. This means Tricia will need to bring 30% of the sales price to the closing and the principle amount will be $203,000 on the loan. The parameters of the loan also stipulate a two point origination fee which is to be paid at the closing and a 18 month, interest only note with a 11% rate of interest.
Tricia will need to bring $87,000 to the closing (30% on the 70% loan to value), plus she will need to pay the $4,060 origination fee. she must then pay $1,861 monthly to the lender. If Tricia meets her goal of a $420,500 sales price when the loan term expires, she would earn a total profit of $92,945 after repaying the principle and subtracting the cash she contributed at closing, the origination points, and the monthly interest payments.
Magdalena locates a property in the Cohoe neighborhood of Kasilof, AK to rehab and re-sell. Since she does not have enough cash to buy the property outright, she takes a bridge loan from South Side Investments with the following parameters:
$180,000 sales price
70% loan to value (LTV)
6 month term
8% rate of interest
1% origination fee
Once the rehab project is complete, if Magdalena sells the property for $252,000, the outcome would be as follows:
$252,000 sales price
- $126,000 principle (70% LTV)
- $54,000 cash paid at closing (30% on 70% LTV)
- $1,260 origination points (1% of the $126,000 principle)
- $5,040 total interest paid (6 months x 8% interest)
-----------------------
= $65,700 gross profit (does not include taxes or rehab costs)
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