Florida Bridge Loans
Florida has 50 private money bridge lenders offering loans within the state. Note amounts average approximately $345,285. Rates for loans average 11.1%. The average note issued in this state is 26 months in length. The mean origination for the loans is 2.9 percent. Lenders offer on average a 73% loan to value (LTV) on loans in Florida.
Loan Example 1
Nell closes on a $340,000 rehab project in Port Saint Lucie, FL, using a bridge loan from BCC Finance Group . The borrower will have to contribute 15% of the purchase price in cash to closing based on a 85% loan-to-value set by the lender. This makes the principle note from BCC Finance Group $289,000. The loan also has the following features: 1) a 18 month length, 2) a 12% interest-only note, and 3) a two percent origination charge.
Accordingly, Nell will need to contribute a $51,000 down payment in addition to paying a $5,780 origination fee. The monthly interest-only payments will then total $2,890 to BCC Finance Group . Nell 's plan is to complete the remodel by the end of the 18 months and sell it for $425,000. If she succeeds she will collect a profit of $27,200 ($425,000 sales price - $289,000 principle - $51,000 cash paid at closing - $5,780 origination points - $52,020 in total interest.
Loan Example 2
Bettie is a an investor in Oviedo, FL. She locates a run-down house for a remodeling project and obtains a hard money bridge loan from ABC Funding Corporation with the following features:
$170,000 sales price
85% loan to value (LTV)
18 month term
12% rate of interest
2% origination fee
If Bettie achieves her goal of a $221,000 sales price, the outcome of the deal will be as follows:
$221,000 sales price
- $144,500 note principle (85% LTV)
- $25,500 cash paid at closing (15% on 85% LTV)
- $2,890 origination points (2% of the $144,500 principle amount)
- $26,010 total interest paid (18 months x 12% interest)
-----------------------
= $22,100 gross profit (doesn't include taxes or rehab costs)
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Fairfield Financial Services
Portland, OR
(503) 348-7011 Website
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