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Bonita Springs, FL has 50 bridge lenders serving the city. Note amounts average about $345,000. Rates for loans average about 10.7%. The typical length offered for loans is 19 months. A typical loan made in the city includes a 2.9 percent origination charge. Lenders in Bonita Springs average a 76% loan to value (LTV) on their loans.
North End Finance Group issues a hard money bridge loan to Olga for a rehab project in the Naples Park neighborhood of Bonita Springs, FL, on a house that is listed for $150,000. The terms of the loan include a 70% loan to value (LTV), so she must contribute 30% of the price as cash at closing, making the principle note amount $105,000. The loan is interest-only, paid monthly, and is for 6 months at 12% interest with 5 points to be paid at closing.
In accordance with the parameters of the loan, Olga will have to contribute a $5,250 origination fee plus 30% of the purchase price, or $45,000, based on the 70% LTV. North End Finance Group will collect $1,050 in monthly interest payments from the borrower. This is computed by taking the total loan amount of $105,000, multiplying that by the 12% rate of interest, and then dividing that number by 12. Olga 's intention is to finish the project within the 6 months and sell it for $202,500. If she succeeds she will earn a total profit of $40,950 ($202,500 sales price - $105,000 principle - $45,000 down payment - $5,250 origination fee - $6,300 in total interest.
Terrance is a real estate investor in the Naples Park area of Bonita Springs, FL. He purchases an older townhouse for a rehab project and obtains a hard money bridge loan from Boom Investments with the following terms:
$190,000 purchase price
80% loan-to-value (LTV)
12 month term
13% rate of interest
4% origination fee
If Terrance achieves his goal of a $256,500 sales price, the final numbers of the deal would be as follows:
$256,500 sales price
- $152,000 principle on note (80% LTV)
- $38,000 cash paid at closing (20% on 80% LTV)
- $6,080 origination points (4% of the $152,000 principle amount)
- $19,760 interest payments (12 months x 13% interest)
-----------------------
= $40,660 gross profit (doesn't include taxes or rehab costs)
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