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 Greenwich, Connecticut
Greenwich, CT has 50 private money bridge lenders offering loans in the city. In this city, the mean amount loaned is $581,111. Interest rates on loans issued to Greenwich borrowers average about 10.1%. The average note issued in this city is for 18 months. The average note includes a 2.2 percent origination charge. The average loan-to-value for loans in Greenwich is 72%.
Loan Example 1
Ruben finds a house in Greenwich, CT to renovate and re-sell. Since he doesn't have enough cash on-hand to buy the $310,000 property outright, he decides to take out a bridge loan from Downtown Finance . The borrower will have to bring 25% of the sales price in cash to the closing based on a 75% loan to value stipulated by the lending company. This makes the principle note from Downtown Finance $232,500. The note is interest only, paid monthly, and is for 6 months at 10% interest with 3 origination points to be paid at the closing.
Accordingly, Ruben will have to make a $77,500 down payment plus pay a $6,975 origination fee. After the deal is closed and Ruben takes on the property, he will have to begin making payments each month of $1,938 to Downtown Finance ($232,500 principle x 10% / 12 months). If Ruben sells the property for $387,500 after 6 months, he would make a gross profit of $58,900 after subtracting the principle amount of $232,500, the funds paid at the close of $77,500, the origination fee of $6,975, and the total interest payments of $11,625. This amount doesn't account for rehab costs.
Loan Example 2
Stanley takes a bridge loan from Assurance Investments so he can renovate a townhome to re-sell in Greenwich, CT. The loan has the following terms:
a) A $210,000 sales price, b) a 75% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 3% origination fee.
Based on a $294,000 sales price after the 12 month term, the numbers for this project would look like this:
$294,000 sales price
- $157,500 principle (75% LTV)
- $52,500 cash paid at closing (25% on 75% LTV)
- $4,725 origination fee (3% of the $157,500 principle amount)
- $14,175 total interest paid (12 months x 9% interest)
-----------------------
= $65,100 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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