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Pearl River, LA has 32 lenders operating within the city. The mean amount for loans is $298,611. Interest rates on private loans made to Pearl River investors average around 10.4%. The average note issued in the city is for 21 months. The average origination percentage charged on the loans is 2.3%. Lenders in Pearl River average a 75% LTV on their deals.
South Star Investment Company makes a hard money bridge loan to Floyd for a renovation project in Pearl River, LA, on a property that costs $220,000. The loan to value (LTV) on the loan is 60%. This means that Floyd will need to bring 40% of the sales price to closing and the principle amount will be $132,000 on the deal. The loan is interest only, paid monthly, and is for 18 months at 11% interest with 5 origination points to be paid when the deal closes.
In addition to paying the $6,600 origination fee, Floyd will also fund $88,000 of the purchase with his own money, or 40% of the sales price. The monthly interest only payments will then be $1,210 to South Star Investment Company. If Floyd sells the project for $308,000 after 18 months, he would make a gross profit of $59,620 after subtracting the principle amount of $132,000, the cash paid at closing of $88,000, the origination fee of $6,600, and the total interest payments of $21,780. This amount doesn't include building costs.
Calvin is a real estate investor in Pearl River, LA. He purchases a run-down property for a renovation project and obtains a bridge loan from North Side Investments with the following terms:
a) A $330,000 purchase price, b) a 60% loan to value (LTV), c) a 12 month term, d) a 11% interest rate, and e) a 2% origination fee.
Once the renovation project is complete, if Calvin sells the property for $445,500, the outcome would be as follows:
$445,500 sales price
- $198,000 loan principle (60% LTV)
- $132,000 cash paid at closing (40% on 60% LTV)
- $3,960 origination fee (2% of the $198,000 principle amount)
- $21,780 total interest paid (12 months x 11% interest)
-----------------------
= $89,760 gross profit (doesn't include taxes or renovation costs)
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