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 Dexter, Michigan
Dexter, MI has 34 private money bridge lenders in the city. The average amount for loans is $293,889. Interest rates on loans issued to Dexter investors average 10.3%. The median length offered for notes is 16 months. The mean note includes a 3.3 point origination cost. 77% is the median loan to value (LTV) offered for for loans in Dexter.
Loan Example 1
Ocean View Investment Group makes a hard money bridge loan to Henry for a rehab project in Dexter, MI, on a property that is listed for $260,000. The loan-to-value (LTV) on the note is 85%. This means Henry will bring 15% of the purchase price to closing and the principle amount will be $221,000 on the loan. The rate on the loan is 14% for a term of 12 months and the lender requires a two point origination fee at closing. The interest is to be paid monthly and the principle will be returned after the sale of the property.
On top of the $4,420 origination fee, Henry will also need to fund $39,000 of the purchase with his own funds, or 15% of the purchase price. After the loan closes, he will pay Ocean View Investment Group $2,578 in monthly interest payments, or 14% times $221,000 divided by 12 months in the year. If Henry sells the house for $364,000 after 12 months, he would realize a gross profit of $68,640 after subtracting the principle amount of $221,000, the cash paid at closing of $39,000, the origination fee of $4,420, and the aggregate interest payments of $30,940. This gross profit does not account for remodeling costs.
Loan Example 2
Sonia is a an investor in Dexter, MI. She buys a run-down property for a remodeling project and obtains a hard money bridge loan from Redwood Finance Company with the following paramters:
$370,000 purchase price
55% loan-to-value (LTV)
6 month term
9% rate of interest
4% origination fee
After the renovation project is complete, if Sonia sells the house for $518,000, the final numbers would be the following:
$518,000 sales price
- $203,500 note principle (55% LTV)
- $166,500 down payment (45% on 55% LTV)
- $8,140 origination fee (4% of the $203,500 principle amount)
- $9,158 total interest paid (6 months x 9% interest)
-----------------------
= $130,703 total profit (doesn't include taxes or renovation costs)
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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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 ...
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