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Lithia, FL has 50 private money lenders operating within the city. In this city, the average loan amount is $303,000. Rates on hard money loans made to Lithia borrowers average around 10.7%. The mean loan made in this city has a term of 21 months. The average note includes a 3.0 percent origination charge. Lenders offer on average a 73% LTV on loans in Lithia.
Jack closes on a $180,000 renovation project in Lithia, FL, using a private money bridge loan from West Side Lending Group . The borrower will need to contribute 45% of the sales price in cash to the closing based on a 55% loan-to-value stipulated by the lender. This makes the principle amount from West Side Lending Group $99,000. The parameters of the deal dictate a 8% note for 12 months. They also stipulate a 4 point origination fee, which will also be paid when the property closes.
Accordingly, Jack will be required to contribute a $81,000 down payment plus pay a $3,960 origination fee. After the deal closes, he will pay West Side Lending Group $660 in monthly interest fees, or 8% multiplied by $99,000 divided by 12 months in a year. Jack 's plan is to complete the renovation by the end of the 12 months and resell it for $252,000. If he succeeds he will make a total profit of $60,120 ($252,000 price - $99,000 principle - $81,000 down payment - $3,960 origination fee - $7,920 in interest.
Roland takes a bridge loan from Flippers Funding Company so he can remodel a townhouse to resell in Lithia, FL. The loan has the following terms:
$150,000 sales price
80% loan-to-value (LTV)
12 month term
9% rate of interest
4% origination fee
Roland intends to sell the property at the end of the term for $225,000. If he achieves this goal, the final numbers would be the following:
$225,000 sales price
- $120,000 principle (80% LTV)
- $30,000 down payment (20% on 80% LTV)
- $4,800 origination fee (4% of the $120,000 principle)
- $10,800 total interest paid (12 months x 9% interest)
-----------------------
= $59,400 total profit (does not include taxes or renovation costs)
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Portland, OR
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1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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Based in Santa Ana, CA, Unlimited Capital Group is a private lender offering loans in 15 states across the country. They offer loans for a variety of situations, including fix-and-flip loans, refinancing, bridge loans, loans for rental properties, commercial ...
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