New Mexico Refinance / Cash Out Loans
New Mexico has 22 hard money refinance lenders in the state. Loan amounts average around $312,654. Rates on hard money loans made to New Mexico borrowers average 10.8%. The typical loan issued in this state is for 40 months. The average note includes a 3.1 percent origination cost. 73% is the average LTV for for loans in New Mexico.
Loan Example 1
Randy owns and operates a business in Alamogordo, NM. He runs his operation from a commercial building which he owns outright. He looks to Red View Lending Company for a cash out refinance after he is turned down for a loan by his credit union for his business's current inventory requirements. After determining the real estate to be valued at about $2,900,000, they contract to a 40% loan to value (LTV) on the transaction. The lender will subtract 2 origination points at closing and then be paid interest-only payments at 11% for 2 years. The principle will be re-paid in a single balloon payment when the note matures. The principle amount will be $1,160,000 but Red View Lending Company will front Randy $1,136,800 after subtracting the origination fees of $23,200. Additionally, they will collect $10,633 in monthly interest payments until they are re-paid when the note expires.
Loan Example 2
Edward owns and operates a small business in Alamogordo, NM. He runs his operations from an industrial building which he owns outright. He determines he requires some funds for his company's operations but is denied by his local bank for a cash-out refinance, so he goes to Advanced Lending Corporation for a hard money refi. In exchange for a first lien on the property, the lender will fund Edward 65% of its $2,800,000 estimated market value. They also specify a 10% interest rate, a 4 year note term, and they will charge an origination fee of 1 percent at the closing. Interest only payments are to be made each month with the loan principle to be repaid when the note matures. Based upon the rules of the loan scenario, Advanced Lending Corporation will give Edward a sum of $1,801,800 on his property ($2,800,000 value x 65% loan to value - $18,200 in origination fees). Edward will pay $15,167 per month in interest until the note matures and will then pay back the $1,820,000 face amount on the note.
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