LendingHome Corporation is a San Francisco, CA based private money lender providing loans in 25 states throughout the United States. They provide buy and hold loans, short term loans, and fix and flip loans. They issue ...
Bridge Loans in Prescott, Arizona
Prescott, AZ has 50 private money bridge lenders in the city. The median note amount in this city is $322,500. The median interest rate for private loans in Prescott is 11.9%. The typical length for loans is 24 months. The mean origination fee added to loans is 2.9%. Lenders in Prescott average a 75% LTV on their deals.
Loan Example 1
Rising Sun Investment Corporation issues a bridge loan to Herman for a renovation project in the Williamson subdivision of Prescott, AZ, on a property that costs $350,000. The terms of the note include a 50% loan to value (LTV), so he must bring 50% of the price as cash at closing, making the principle loan amount $175,000. The interest rate on the loan is 11% for a term of 6 months and the company requires a one point origination fee at the close. The interest is to be paid monthly and the principle will be repaid after the sale of the property.
Therefore, Herman will be required to make a $175,000 down payment plus pay a $1,750 origination fee. Once the deal closes, he will pay the lender $1,604 in monthly interest fees, or 11% multiplied times $175,000 divided by 12 months in the year. At the end of the loan, he sells the renovated property for $507,500. After deducting the $9,625 in interest payments ($1,604 multiplied times 6 months), the $1,750 origination fee, the $175,000 principle amount on the loan, and the $175,000 he brought to closing, he will make a total profit of $146,125 ($507,500 sales price minus $361,375 in costs). This amount would then be reduced by any renovation costs paid by Herman .
Loan Example 2
Bradley is a real estate investor in the Williamson area of Prescott, AZ. He finds an older townhouse for a rehab project and obtains a bridge loan from Dimension Lending Corporation with the following terms:
a) A $370,000 sales price, b) a 50% loan to value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 5% origination fee.
Bradley plans to sell the project at the end of the term for $518,000. If he accomplishes his goal, the outcome will be the following:
$518,000 sales price
- $185,000 loan principle (50% LTV)
- $185,000 cash paid at closing (50% on 50% LTV)
- $9,250 origination points (5% of the $185,000 principle amount)
- $10,175 total interest paid (6 months x 11% interest)
-----------------------
= $128,575 total profit (doesn't include taxes or renovation costs)
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