Based in Chicago, IL, Chicago Rehab Loans is an asset-based lender offering funding throughout Chicago, Milwaukee, Madison, Gary, and South Bend. They offer commercial loans, construction loans, loans for rental properties, hard money bridge loans, fix-and-flip loans, ...
Bridge Loans in St John, Indiana
Saint John, IN has 34 private money bridge lenders serving the city. The mean note amount is $294,722. Rates for private loans average 10.8%. The mean length for notes is 18 months. The mean origination fee for the loans is 3.0 percent. Lenders typically offer a 71% loan to value (LTV) on deals in Saint John.
Loan Example 1
Alana is a house flipper in Saint John, IN. She locates an older property for sale and decides to remodel it and sell it for a profit. The house costs $290,000 but she doesn't have the full amount so she takes out a hard money bridge loan with South Shore Investment Group . The terms of the deal include a 55% loan to value (LTV), so she must contribute 45% of the price as cash to closing, making the principle note amount $159,500. The loan is interest-only, with monthly payments, and is for 12 months at 14% interest with 5 origination points to be paid at closing.
The borrower must contribute a total of $32,400 upon closing to pay the $130,500 down payment plus the $7,975 origination fee. she will then pay $1,861 per month to South Shore Investment Group . If Alana accomplishes her goal of a $362,500 sales price when the loan expires, she would make a gross profit of $42,195 after repaying the principle amount and subtracting the money she contributed at closing, the origination points, and the total interest payments.
Loan Example 2
Eve takes out a private money bridge loan from Affluent Investment Company so she can rehab a property to re-sell in Saint John, IN. The deal has the following parameters:
a) A $380,000 sales price, b) a 70% loan to value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 1% origination fee.
Eve intends to sell the property when the note expires for $494,000. If she accomplishes her goal, the outcome will be as follows:
$494,000 sales price
- $266,000 principle (70% LTV)
- $114,000 down payment (30% on 70% LTV)
- $2,660 origination points (1% of the $266,000 principle amount)
- $17,290 interest payments (6 months x 13% interest)
-----------------------
= $94,050 gross profit (doesn't include taxes or rehab costs)
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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
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iMoneyLoan
Los Angeles, CA
(818) 465-5626 Website
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