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 Caledonia, Michigan
Caledonia, MI has 34 lenders serving the city. The median amount loaned is $293,334. Interest rates on loans issued to Caledonia investors average 10.7%. The typical length for loans is 16 months. The mean loan includes a 3.1 percent origination fee. Lenders offer on average a 75% LTV on loans in Caledonia.
Loan Example 1
Chester closes on a $220,000 renovation project in Caledonia, MI, using a hard money bridge loan from Credence Funding Corporation . The lender agrees to make a loan with a 80% loan-to-value (LTV) so they will extend $176,000 on the house. The interest rate on the note is 12% for a term of 18 months and the lender requires a one point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the sale of the property.
Therefore, the borrower will need to contribute a $44,000 down payment in addition to paying a $1,760 origination fee. After the deal closes, he will need to pay Credence Funding Corporation $1,760 in monthly interest payments, or 12% times $176,000 divided by 12 months in a year. Assuming he sells the remodeled project for $275,000 at the end of the 18 month term, his total profit (not including renovation costs) would be $21,560. This is computed by taking the purchase price ($275,000) and subtracting the original principle ($176,000), the origination fee ($1,760), the funds he brought to closing ($44,000), and the total interest expenses ($31,680).
Loan Example 2
Olga is a an investor in Caledonia, MI. She locates a run-down house for a remodeling project and obtains a private money bridge loan from P & J Funding with the following paramters:
a) A $190,000 sales price, b) a 65% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 1% origination fee.
Once the renovation project is completed, if Olga sells the project for $266,000, the final numbers would be the following:
$266,000 sales price
- $123,500 note principle (65% LTV)
- $66,500 cash paid at closing (35% on 65% LTV)
- $1,235 origination fee (1% of the $123,500 principle amount)
- $13,585 interest payments (12 months x 11% interest)
-----------------------
= $61,180 gross 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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