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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.
Loxley, AL has 39 private money bridge lenders in the city. The average amount for loans in this city is $291,945. Interest rates for private loans average around 10.1%. The median length offered for notes is 19 months. The average loan made in this city includes a 2.6 percent origination fee. The mean loan to value offered for loans in Loxley is 74%.
Kevin takes a hard money bridge loan from Perfect Finance in order to remodel a house to resale in Loxley, AL. The sales price of the house is $290,000. The lender agrees to make a note with a 70% loan to value (LTV) so they will extend $203,000 on the project. The interest rate on the note is 9% for a term of 18 months and the company requires a two point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the sale of the property.
In addition to paying the $4,060 origination fee, Kevin will also fund $87,000 of the purchase with his own cash, or 30% of the sales price. Perfect Finance will collect $1,523 in monthly interest payments from the borrower. This is calculated by taking the total note amount of $203,000, multiplying that by the 9% interest rate, and then dividing that amount by 12. If Kevin sells the property for $406,000 after 18 months, he would earn a total profit of $84,535 after subtracting the principle amount of $203,000, the funds paid at closing of $87,000, the origination fee of $4,060, and the aggregate interest payments of $27,405. This gross profit does not include building costs.
Kent locates a townhouse in Loxley, AL to rehab and sell. Because he does not have enough cash to buy the property outright, he takes a bridge loan from Rising Sun Funding Corporation with the following parameters:
$190,000 sales price
85% loan-to-value (LTV)
18 month term
9% rate of interest
2% origination fee
Once the rehab project is completed, if Kent sells the property for $266,000, the numbers would be the following:
$266,000 sales price
- $161,500 loan principle (85% LTV)
- $28,500 down payment (15% on 85% LTV)
- $3,230 origination points (2% of the $161,500 principle)
- $21,803 interest payments (18 months x 9% interest)
-----------------------
= $50,968 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.
Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
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