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Dexter, MI has 37 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.
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.
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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3435 Wilshire #1840
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259 Minot Ave
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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
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1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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100 Stony Point Rd., Suite 260
Santa Rosa, CA 95401
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18851 NE 29th Avenue, Suite 1000
Aventura, FL 33180
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2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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5737 Kanan Rd
Agoura Hills, CA 91301
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35 Trenton Ave
Long Beach, NY 11561
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901 Yamato Rd, Suite 150
Boca Raton, FL 33431
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1010 NE 2nd Ave
Miami Beach, FL 33132
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7331 Randolph St
Hobart, IN 46342
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11 Middle Neck Road Suite 314
Great Neck, NY 11021
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20955 Pathfinder Road, Suite 370
Diamnond Bar, CA 91765
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46675-46695 W 12 Mile Rd
Novi, MI 48377
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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 ...
144 N Western Avenue Buidling D
Neenah, WI 54956
Headquartered in Neenah, WI, Peak Choice Capital is a private lender providing funding in 45 states throughout the US. They offer short term bridge loans, buy and hold loans, cash out loans, fix-and-flip loans, and private commercial loans. ...
2139 Chuckwagon Road, Suite 315
Colorado Springs, CO 80919
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11140 Rockville Pike, Suite 400
Rockville, MD 20852
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9465 Counselors Way #200
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2000 Mallory Ln, Suite 130-140
Franklin, TN 37067
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16501 VENTURA BLVD, Suite 400
Encino, CA 91436
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