Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6 Billion life-to-date in total loan volume to real estate ...
Bridge Loans in Stillwater, Minnesota
Stillwater, MN has 25 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.
Loan Example 1
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.
Loan Example 2
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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Asset Avenue
1100 Glendon Ave, 18th Floor
Los Angeles, CA 90024
Asset Avenue is private money lender based in Los Angeles, CA. They provide loans in 44 states across the United States. They provide loans for a variety of needs and situations, including short term loans, investment property ...
ICG10 Capital is private lender headquartered in Aventura, FL. They offer loans in 44 states throughout the United States. They offer loans for many different scenarios, including short term loans, buy and hold loans, short term fix ...
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...
Source Capital is an asset-based lender headquartered in Los Angeles, CA offering loans in California, Arizona, and Minnesota. They provide loans for a variety of situations and needs, including bridge loans, fix-and-flip loans, hard money refinancing, and ...
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