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 Oliver Springs, Tennessee
Oliver Springs, TN has 35 hard money bridge lenders offering loans within the city. The mean note made is around $293,929. Interest rates on loans issued to Oliver Springs borrowers average about 9.9%. The typical note issued in this city has a term of 11 months. The mean origination percentage applied to the loans is 3.2%. Lenders offer on average a 78% loan-to-value (LTV) on loans in Oliver Springs.
Loan Example 1
Harold closes on a $360,000 renovation project in Oliver Springs, TN, using a hard money bridge loan from BCC Investment Corporation . The borrower will have to fund 50% of the purchase price in cash to the closing based on a 50% loan to value stipulated by the lender. This makes the loan principle from BCC Investment Corporation $180,000. The parameters of the loan dictate a 13% note for 12 months. They also require a 1 point origination fee, which will also need to be paid upon closing.
In addition to paying the $1,800 origination fee, Harold will also have to fund $180,000 of the purchase with his own funds, or 50% of the purchase price. The monthly interest only payments will then be $1,950 to BCC Investment Corporation . Assuming Harold sells the remodeled house for $450,000 at the end of the 12 month term, his total profit (not accounting for remodeling expenses) would be $64,800. This is calculated by taking the purchase price ($450,000) and subtracting the original principle ($180,000), the origination cost ($1,800), the funds he contributed to closing ($180,000), and the total interest expenses ($23,400).
Loan Example 2
Victor finds a townhouse in Oliver Springs, TN to renovate and sell. Since he does not have enough cash to buy the property outright, he takes a private money bridge loan from River View Lending with the following parameters:
a) A $200,000 purchase price, b) a 70% loan-to-value (LTV), c) a 18 month term, d) a 13% interest rate, and e) a 2% origination fee.
Once the rehab project is complete, if Victor sells the project for $270,000, the final numbers would be the following:
$270,000 sales price
- $140,000 principle on note (70% LTV)
- $60,000 down payment (30% on 70% LTV)
- $2,800 origination points (2% of the $140,000 principle)
- $27,300 total interest paid (18 months x 13% interest)
-----------------------
= $39,900 gross profit (doesn't include taxes or renovation costs)
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Headquartered in Miami Beach, FL, YC Funding is an asset-based lender offering loans in 23 states across the United States. They offer construction loans, cash out loans, buy and hold loans, short term bridge loans, fix and flip hard ...
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LendingOne is a Boca Raton, FL based private money lender. They provide loans in 41 states throughout the country. They provide loans for investments properties, short term loans, and short term fix and flip loans. They ...
Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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