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Oregon, WI has 32 private money bridge lenders in the city. The average amount loaned in this city is $287,500. Rates on hard money loans issued to Oregon investors average 11.0%. The median loan made in the city is for 16 months. A typical loan issued in this city includes a 2.9 point origination cost. 70% is the median loan to value (LTV) offered for for loans in Oregon.
Erik closes on a $160,000 rehab project in Oregon, WI, using a private money bridge loan from Axis Investment Company . Because the lender agrees to a 60% loan-to-value, Erik will need to put 40% down and the total amount of the note will be $96,000. The terms of the loan also include a four percent origination fee that will be paid at closing and a 18 month, interest-only note with a 9% interest rate.
On top of the $3,840 origination fee, Erik will also fund $64,000 of the purchase with his own funds, or 40% of the sales price. After the loan closes, he will pay the lender $720 in monthly interest fees, or 9% multiplied times $96,000 divided by 12 months in a year. Erik 's intention is to finish the rehab within the 18 months and re-sell it for $192,000. If he succeeds he will make a gross profit of $15,200 ($192,000 price - $96,000 principle amount - $64,000 cash paid at closing - $3,840 origination fee - $12,960 in total interest paid.
Eduardo takes a private money bridge loan from Acme Lending in order to rehab a house to resell in Oregon, WI. The loan has the following parameters:
a) A $250,000 sales price, b) a 80% loan-to-value (LTV), c) a 6 month term, d) a 14% interest rate, and e) a 3% origination fee.
If Eduardo succeeds in his goal of a $337,500 sales price, the outcome of the deal would be as follows:
$337,500 sales price
- $200,000 principle (80% LTV)
- $50,000 down payment (20% on 80% LTV)
- $6,000 origination fee (3% of the $200,000 principle)
- $14,000 interest payments (6 months x 14% interest)
-----------------------
= $67,500 gross profit (does not include taxes or rehab costs)
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