Alaska Bridge Loans
Alaska has 16 private money bridge lenders in the state. In this state, the average amount for loans is $287,500. Interest rates for private loans average about 11.2%. The typical term offered for notes is 20 months. The mean origination percentage added to loans is 2.6%. The typical loan-to-value (LTV) offered for loans in Alaska is 73%.
Loan Example 1
Dolly closes on a $250,000 rehab project in Eagle River, AK, using a hard money bridge loan from Top Notch Funding Group. The loan to value (LTV) on the note is 65%. This means that Dolly will have to bring 35% of the purchase price to the closing and the principle amount will be $162,500 on the note. The loan is interest-only, with monthly payments, and is for 6 months at 11% interest with 1 points to be paid when the deal closes.
In addition to paying the $1,625 origination fee, Dolly will also need to fund $87,500 of the purchase with her own cash, or 35% of the purchase price. Top Notch Funding Group will collect $1,490 in monthly interest from the Dolly. This is computed by taking the total loan amount of $162,500, multiplying by the 11% interest rate, and then dividing that amount by 12. At the end of the note, she sells the renovated house for $350,000. After subtracting the $8,938 in interest payments ($1,490 multiplied by 6 months), the $1,625 origination fee, the $162,500 principle amount on the note, and the $87,500 she contributed to the closing, she will make a total profit of $89,438 ($350,000 sales price minus $260,563 in total costs). This amount would be reduced by any renovation costs paid by Dolly.
Loan Example 2
Carlos locates a duplex in Juneau, AK to rehab and resell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from West Shore Finance Company with the following parameters:
$290,000 sales price
85% loan to value (LTV)
18 month term
9% rate of interest
5% origination fee
After the rehab project is complete, if Carlos sells the house for $420,500, the numbers would be the following:
$420,500 sales price
- $246,500 note principle (85% LTV)
- $43,500 cash paid at closing (15% on 85% LTV)
- $12,325 origination fee (5% of the $246,500 principle amount)
- $33,278 total interest paid (18 months x 9% interest)
-----------------------
= $84,898 gross profit (doesn't include taxes or renovation costs)
We offer all types of Residential and Commercial loans to meet your specific needs. Capital Funding Services Corporation has funding partners nationwide to Get the Funding You Need right away!
Global Capital Partners Fund is a Direct Bridge & Hard Money Lender with over 30 years of experience. Specializing in Commercial loans, Adaptive Re-use & Construction lines of credit nationwide!
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