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Sitka, AK has 27 hard money bridge lenders serving the city. The median note amount in this city is $287,500. Rates on loans issued to Sitka investors average 11.2%. The mean term for notes is 20 months. The average origination fee for the loans is 2.6 percent. The mean loan-to-value for loans in Sitka is 73%.
Holly takes a bridge loan from K & M Funding Group in order to remodel a townhome to flip in Sitka, AK. The list price of the property is $310,000. The lender agrees to issue a note with a 50% loan-to-value (LTV) so they are willing to extend $155,000 on the property. The terms of the loan dictate a 12% note for 6 months. They also require a 3 point origination fee, which will also be paid upon closing.
On top of the $4,650 origination fee, Holly will also need to fund $155,000 of the purchase with her own money, or 50% of the purchase price. After the loan is executed and Holly takes over the project, she will have to begin making monthly payments of $1,550 to K & M Funding Group ($155,000 principle x 12% / 12 months). At the end of the note, she sells the rehabed property for $465,000. After subtracting the $9,300 in interest payments ($1,550 times 6 months), the $4,650 origination fee, the $155,000 principle on the note, and the $155,000 she brought to closing, she will make a gross profit of $141,050 ($465,000 price minus $323,950 in total costs). This profit would be reduced by any renovation costs paid by Holly.
Raquel is a an investor in Sitka, AK. She finds a run-down house for a renovation project and takes out a private money bridge loan from Frontera Lending with the following paramters:
$170,000 purchase price
85% loan-to-value (LTV)
6 month term
13% interest rate
5% origination fee
Assuming a $255,000 sales price after the 6 month term, the numbers for this deal would look like this:
$255,000 sales price
- $144,500 principle on note (85% LTV)
- $25,500 down payment (15% on 85% LTV)
- $7,225 origination points (5% of the $144,500 principle amount)
- $9,393 interest payments (6 months x 13% interest)
-----------------------
= $68,383 gross profit (does not include taxes or rehab costs)
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111 Potrero Avenue
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5230 Las Virgenes Rd, Suite 105
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34 South Broadway, Suite 204
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259 Minot Ave
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201 Sand Creek Rd # K
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1515 Hancock Street, Suite 404
Quincy, MA 02169
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3250 NE 1st Ave, Suite 305
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2475 Albany Ave #203B
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5660 Strand Court
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2150 Coral Way | Suite 1A
Miami, FL 33145
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42 Thompson Street, Suite 1A
East Haven, CT 06513
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10575 N. 114th St. Suite 103
Scottsale, AZ 85259
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75 Arlington Street, Suite 500
Boston, MA 02116
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20 West Vine Street #575
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2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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5737 Kanan Rd
Agoura Hills, CA 91301
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