Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6 Billion life-to-date in total loan volume to real estate ...
Bridge Loans in Ashtabula, Ohio
Ashtabula, OH has 40 private money bridge lenders offering loans in the city. Note amounts average around $291,250. The mean rate for loans in Ashtabula is 11.4%. The median loan issued in this city is for 17 months. The average loan offered in the city carries a 2.6 percent origination charge. The mean loan-to-value (LTV) for loans in Ashtabula is 73%.
Loan Example 1
Darren takes a private money bridge loan from West Star Lending Group in order to remodel a condo to resale in Ashtabula, OH. The list price of the house is $170,000. 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 note amount $93,500. The loan also consists of these features: 1) a 18 month length, 2) a 10% interest-only note, and 3) a four point origination fee.
By the parameters of the loan, Darren will be required to contribute a $3,740 origination fee plus 45% of the sales price, or $76,500, based on the 55% LTV. After the loan is closed and Darren takes over the project, he will have to begin making payments each month of $779 to West Star Lending Group ($93,500 principle x 10% / 12 months). If Darren accomplishes his goal of a $212,500 total sales price when the loan term expires, he would pocket a total profit of $24,735 after repaying the principle amount and deducting the money he brought to closing, the origination points, and the total monthly interest payments.
Loan Example 2
Pam takes a private money bridge loan from Mountain Rock Funding Company so she can rehab a property to flip in Ashtabula, OH. The deal has the following terms:
$360,000 sales price
50% loan to value (LTV)
6 month term
8% interest rate
3% origination fee
Based on a $486,000 sales price at the end of the 6 month term, the final numbers for this deal would look like this:
$486,000 sales price
- $180,000 principle on note (50% LTV)
- $180,000 cash paid at closing (50% on 50% LTV)
- $5,400 origination points (3% of the $180,000 principle amount)
- $7,200 total interest paid (6 months x 8% interest)
-----------------------
= $113,400 total profit (does not include taxes or renovation costs)
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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