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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 39 lenders serving Scarborough, ME. The average amount for loans is $299,250. Rates on loans issued to Scarborough borrowers average around 11.1%. The average term offered for loans is 19 months. The average note includes a 2.2 percent origination cost. Lenders typically offer a 77% loan-to-value on hard money loans in Scarborough.
Shauna finds a townhouse in Scarborough, ME to renovate and re-sell. Since she doesn't have enough cash to buy the $220,000 project outright, she decides to take out a hard money bridge loan from All Star Funding Company. The terms of the note include a 80% loan-to-value (LTV), so she must bring 20% of the price as cash at closing, making the principle loan amount $176,000. The parameters of the deal also stipulate a five percent origination fee that is to be paid at the closing and a 12 month, interest only note with a 14% interest rate.
In accordance with the parameters of the note, Shauna will be required to contribute a $8,800 origination fee plus 20% of the sales price, or $44,000, based on the 80% LTV. All Star Funding Company will collect $2,053 in monthly interest payments from the Shauna. This is computed by taking the full note value of $176,000, multiplying that by the 14% interest rate, and then dividing that number by 12. Shauna's intention is to finish the renovation within the 12 months and re-sell it for $330,000. If she succeeds she will earn a profit of $76,560 ($330,000 price - $176,000 principle - $44,000 funds brough to closing - $8,800 origination points - $24,640 in total interest.
Vivian is a real estate investor in Scarborough, ME. She finds a run-down house for a remodeling project and obtains a hard money bridge loan from West Side Funding Group with the following paramters:
$340,000 purchase price
65% loan to value (LTV)
12 month term
10% rate of interest
1% origination fee
Vivian intends to sell the project when the note expires for $510,000. If she succeeds, the outcome would be the following:
$510,000 sales price
- $221,000 principle (65% LTV)
- $119,000 down payment (35% on 65% LTV)
- $2,210 origination fee (1% of the $221,000 principle)
- $22,100 interest payments (12 months x 10% interest)
-----------------------
= $145,690 total profit (doesn't include taxes or renovation 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.
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