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Stillwater, MN has 28 lenders operating within the city. The median amount for loans in the city is $297,500. Rates on loans made to Stillwater borrowers average 11.1%. The average length offered for loans is 23 months. The average origination fee charged for the loans is 2.6%. 68% is the average loan to value (LTV) offered for for loans in Stillwater.
Jean closes on a $400,000 rehab project in Stillwater, MN, using a hard money bridge loan from Victory Funding Group. The borrower will need to contribute 20% of the sales price in cash to closing based on a 80% loan-to-value set by the lending company. This makes the loan principle from Victory Funding Group $320,000. The parameters of the note also include a three percent origination fee that will be paid at closing and a 6 month, interest only note with a 14% interest rate.
Therefore, Jean will need to contribute a $80,000 down payment in addition to paying a $9,600 origination fee. Once the loan closes, she will pay Victory Funding Group $3,733 in monthly interest fees, or 14% times $320,000 divided by 12 months in a year. Jean's plan is to complete the renovation within the 6 months and re-sell it for $500,000. If she succeeds she will make a total profit of $68,000 ($500,000 price - $320,000 principle amount - $80,000 funds brough to closing - $9,600 origination fee - $22,400 in total interest.
Kara locates a townhouse in Stillwater, MN to rehab and re-sell. Because she does not have enough cash to buy the property outright, she takes a private money bridge loan from Friendly Lending Corporation with the following parameters:
a) A $230,000 purchase price, b) a 85% loan to value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 2% origination fee.
Once the rehab project is complete, if Kara sells the project for $276,000, the outcome would be the following:
$276,000 sales price
- $195,500 loan principle (85% LTV)
- $34,500 cash paid at closing (15% on 85% LTV)
- $3,910 origination fee (2% of the $195,500 principle amount)
- $19,550 total interest paid (12 months x 10% interest)
-----------------------
= $22,540 gross profit (doesn't include taxes or rehab costs)
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207 Mockingbird Ln, #402
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1010 NE 2nd Ave
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1100 Glendon Ave, 18th Floor
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