Alaska Refinance / Cash Out Loans
Alaska has 13 hard money refinance lenders offering loans within the state. The median note amount is $375,896. Interest rates for loans average around 10.3%. The mean term for loans is 42 months. The mean loan includes a 3.2 percent origination cost. 75% is the median LTV for offered by lenders in Alaska.
Loan Example 1
Vernon owns and operates a business in Eagle River, AK. He runs his operations out of a building which he owns outright. In order to generate much-needed funds to expand his company, he cashes out a portion of the equity in his building via a hard money cash-out refinance from Deep Lake Finance Group. In exchange for a first lien on the building, the lender will fund Vernon 40% of its $2,100,000 estimated value. The lender will deduct 3 origination points when the transaction closes and will then receive interest only payments at 14% for 5 years. The principle is to be repaid in a single balloon sum when the note expires. According to the stipulations of the loan, Deep Lake Finance Group will loan Vernon a total of $814,800 on his building ($2,100,000 estimated market value x 40% loan-to-value - $25,200 in origination points). Vernon will then pay $9,800 monthly in interest fees until the note matures and will then repay the $840,000 principle of the note.
Loan Example 2
Wesley owns a an office building he uses for his company's operations in Eagle River, AK. So he can obtain much-needed funds to expand his business, he takes out a portion of the equity he has in his building via a hard money cash out refinance from Green Square Funding Company. In exchange for a deed of trust on the building, the lender agrees to loan Wesley 55% of its $1,600,000 estimated value. They also stipulate a 12% interest rate, a 2 year term, and will collect an origination fee of 5 points at the close. Interest only payments are to be made each month with the principle to be re-paid when the note matures. Wesley will receive $836,000 in cash from Green Square Funding Company when the deal is executed ($1,600,000 value x 55% LTV - $44,000 in origination points). He will then make payments each month in the amount of $8,800 for the 2 year duration of the note. He will then make a final payment of $880,000 to close the debt.
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