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Caledonia, MI has 37 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.
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).
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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274 Madison Avenue, Suite 901
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5230 Las Virgenes Rd, Suite 105
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1 California St
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1905 Kramer Lane, Suite B700
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1485 International Parkway, Suite 1031
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100 Lanidex Plaza
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439 W Vine St
Kissimmee, FL 34741
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3435 Wilshire #1840
Los Angeles, CA 90010
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259 Minot Ave
Auburn, ME 04210
T&M Commercial Funding is an Auburn, ME based private lender who provides loans in 47 states across the US. They provide lending solutions for a variety of situations and needs, including bridge loans and commercial hard money loans. ...
3014 N. Hayden Rd Suite 115
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3250 NE 1st Ave, Suite 305
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10575 N. 114th St. Suite 103
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2150 Coral Way | Suite 1A
Miami, FL 33145
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20 West Vine Street #575
Lansdale, PA 19446
Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
144 N Western Avenue Buidling D
Neenah, WI 54956
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901 Yamato Rd, Suite 150
Boca Raton, FL 33431
LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
46675-46695 W 12 Mile Rd
Novi, MI 48377
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35 Trenton Ave
Long Beach, NY 11561
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
100 Stony Point Rd., Suite 260
Santa Rosa, CA 95401
ARC Capital is a Santa Rosa, CA based private lender providing funding in 17 states throughout the country. They offer long term rental property loans, bridge loans, hard money loans for commercial properties, and short term fix and ...
18851 NE 29th Avenue, Suite 1000
Aventura, FL 33180
ICG10 Capital is private lender headquartered in Aventura, FL. They offer loans in 44 states throughout the United States. They offer loans for many different scenarios, including short term loans, buy and hold loans, short term fix ...
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
5737 Kanan Rd
Agoura Hills, CA 91301
Allied Commercial Funding is private lender headquartered in Agoura Hills, CA. They provide funding in 43 states throughout the US. They provide lending solutions for a variety of situations and needs, including hard money loans for commercial ...
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
7331 Randolph St
Hobart, IN 46342
Render Capital Group is a Hobart, IN based hard money lender. They offer loans in 15 states across the country. They offer loans for a variety of scenarios, including commercial hard money loans, hard money bridge loans, ...
20955 Pathfinder Road, Suite 370
Diamnond Bar, CA 91765
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1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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43902 Woodward Ave, Suite 20
Bloomfield Hills, MA 48302
Dr Daniels and Son is hard money lender headquartered in Bloomfield Hills, MA. They offer funding throughout Michigan. They offer lending solutions for many different scenarios, including commercial loans, bridge loans, and fix-and-flip loans. They ...
1010 NE 2nd Ave
Miami Beach, FL 33132
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11 Middle Neck Road Suite 314
Great Neck, NY 11021
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...
3390 Auto Mall Drive
Westlake Village, CA 91362
Headquartered in Westlake Village, CA, Asset-Backed Lending Partners is an asset-based lender offering loans all across the US. They offer private commercial loans and hard money bridge loans. Their lending parameters are flexible, including loan amounts ranging ...
149 Madison Avenue, Suite 701
New York, NY 10016
W Financial is private money lender based in New York, NY. They offer loans across the United States. They provide loans for a variety of situations and needs, including cash out hard money loans, investment property loans, ...
15851 Dallas Pkwy, Suite 600
Addison, TX 75001
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12 Ericsson Street
Boston, MA 02122
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