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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.
Kent, OH has 50 fix-and-flip hard money lenders operating in the city. The average note made to borrowers is about $327,500. The average rate for hard money loans in Kent is 9.8%. The median loan made in the city is for 30 months. The mean note includes a 2.9 point origination charge. 74% is the typical LTV offered for for loans in Kent.
Mayra is an investor in Kent, OH. She finds an older property for sale and decides to rehab it and sell it for a profit. The property has a cost of $260,000 but she doesn't have the full amount so she takes out a private money loan with South Side Investment Corporation. The loan to value (LTV) on the note is 85%. This means that Mayra will need to bring 15% of the purchase price to closing and the principle will be $221,000 on the deal. The parameters of the deal dictate a 11% note for 18 months. They also require a 1 point origination fee, which will also need to be paid at closing.
In addition to paying the $2,210 origination fee, Mayra will also need to fund $39,000 of the purchase with her own cash, or 15% of the purchase price. South Side Investment Corporation will collect $2,026 in monthly interest payments from the borrower. This is calculated by taking the full note value of $221,000, multiplying by the 11% interest rate, and then dividing that amount by 12. At the end of the note, she sells the renovated property for $377,000. After subtracting the $36,465 in total interest payments ($2,026 multiplied by 18 months), the $2,210 origination fee, the $221,000 principle on the note, and the $39,000 she contributed to closing, she will earn a gross profit of $78,325 ($377,000 price minus $298,675 in total costs). This profit would then be reduced by any rehab costs paid out of pocket.
Dynamic Lending issues a private money loan to Ann for a rehab project in Kent, OH. The loan includes the following:
$370,000 purchase price
60% loan-to-value (LTV)
6 month term
8% interest rate
5% origination fee
Once the renovation project is complete, if Ann sells the house for $481,000, the final numbers would be the following:
$481,000 sales price
- $222,000 principle on note (60% LTV)
- $148,000 down payment (40% on 60% LTV)
- $11,100 origination points (5% of the $222,000 principle)
- $8,880 interest payments (6 months x 8% interest)
-----------------------
= $91,020 gross profit (does not 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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