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Seldovia, AK has 27 private money bridge lenders in the city. The average loan made to borrowers is about $287,500. Rates on hard money loans issued to Seldovia borrowers average about 11.2%. The typical loan issued in this city has a length of 20 months. The average loan includes a 2.6 percent origination cost. Lenders in Seldovia average a 73% loan-to-value (LTV) on their deals.
Ava takes a private money bridge loan from Advanced Investments in order to remodel a property to flip in Seldovia, AK. The sales price of the house is $360,000. As the lender sets a 50% loan-to-value, Ava will need to put 50% down and the total amount of the note will be $180,000. The loan also includes these features: 1) a 6 month term, 2) a 11% interest-only note, and 3) a five percent origination charge.
Therefore, the borrower will need to contribute a $180,000 down payment plus pay a $9,000 origination fee. Once the loan closes, she will pay the lender $1,650 in monthly interest payments, or 11% multiplied times $180,000 divided by 12 months in the year. If Ava sells the property for $522,000 after 6 months, she would realize a total profit of $143,100 after deducting the original principle of $180,000, the cash contributed at the close of $180,000, the origination fee of $9,000, and the aggregate interest payments of $9,900. This gross profit does not include rehab costs.
Jennifer takes a hard money bridge loan from Suburban Finance Group in order to renovate a townhouse to flip in Seldovia, AK. The loan has the following parameters:
$270,000 purchase price
75% loan to value (LTV)
6 month term
11% interest rate
3% origination fee
Based on a $391,500 sales price after the 6 month term, the final numbers for the deal would look like this:
$391,500 sales price
- $202,500 note principle (75% LTV)
- $67,500 down payment (25% on 75% LTV)
- $6,075 origination points (3% of the $202,500 principle)
- $11,138 total interest paid (6 months x 11% interest)
-----------------------
= $104,288 gross profit (does not include taxes or renovation costs)
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259 Minot Ave
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645 Madison Ave
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75 Arlington Street, Suite 500
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