Direct Mortgage Loan Company is a Philadelphia, PA based private money lender. They provide loans in Philadelphia. They provide loans for a variety of needs and situations, including fix and flip hard money loans, bridge loans, buy and ...
Bridge Loans in Ambler, Pennsylvania
A total of 50 records for hard money bridge lenders were found in Ambler, PA. The average amount loaned in the city is $314,063. Rates for loans average around 11.6%. The typical length for notes is 16 months. The mean points added to loans is 3.3%. Lenders in Ambler average a 74% LTV on their deals.
Loan Example 1
Albert closes on a $360,000 rehab project in Ambler, PA, using a hard money bridge loan from West End Finance Corporation . The terms of the loan include a 55% loan-to-value (LTV), so he must bring 45% of the price as cash at closing, which makes the principle loan amount $198,000. The terms of the note also include a five percent origination fee which will be paid at closing and a 12 month, interest only note with a 11% rate of interest.
In addition to paying the $9,900 origination fee, Albert will also have to fund $162,000 of the purchase with his own money, or 45% of the sales price. Once the deal closes, he will have to pay the lender $1,815 in monthly interest fees, or 11% multiplied times $198,000 divided by 12 months in a year. At the end of the loan, he sells the rehabed property for $540,000. After subtracting the $21,780 in interest expenses ($1,815 multiplied times 12 months), the $9,900 origination fee, the $198,000 principle on the loan, and the $162,000 he contributed to closing, he will earn a gross profit of $148,320 ($540,000 price minus $391,680 in costs). This profit would be reduced by any building costs paid out of pocket.
Loan Example 2
Marcia finds a property in Ambler, PA to rehab and resell. Because she does not have enough cash to buy the property outright, she takes a private money bridge loan from North End Finance Company with the following parameters:
$150,000 sales price
55% loan-to-value (LTV)
18 month term
14% rate of interest
3% origination fee
Assuming a $217,500 sales price at the end of the 18 month term, the outcome for the deal would look like the following:
$217,500 sales price
- $82,500 note principle (55% LTV)
- $67,500 down payment (45% on 55% LTV)
- $2,475 origination fee (3% of the $82,500 principle amount)
- $17,325 total interest paid (18 months x 14% interest)
-----------------------
= $47,700 total profit (does not include taxes or rehab costs)
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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