Alabama Refinance / Cash Out Loans
Alabama has 23 private money refinance lenders offering loans in the state. In this state, the median amount loaned is $296,046. Rates for loans average around 10.3%. The average loan issued in the state has a term of 36 months. The mean origination fee for the loans is 3.1 percent. Lenders in Alabama average a 72% loan-to-value (LTV) on their loans.
Loan Example 1
Shari owns a a warehouse she uses for her business operations in Gadsden, AL. So she can generate much needed funds to expand her business, she takes out a portion of the equity in her building via a private money cash out refinance from Oak Hill Lending. The lender does a market value comparison and determines the property is valued at $1,900,000. They decide to loan Shari 55% of this estimated value (the LTV). The lender will subtract 5 origination points at the closing and will then be paid interest only payments at 13% for 2 years. The principle is to be re-paid in a single balloon sum when the loan matures. Based upon the rules of the loan scenario, Oak Hill Lending will loan Shari a sum of $992,750 on her building ($1,900,000 estimated value x 55% loan to value - $52,250 in origination fees). Shari will then pay $11,321 per month in interest fees until the loan expires and will finally repay the $1,045,000 face amount of the loan.
Loan Example 2
Rodney owns and operates a small business in Gadsden, AL. He runs his operations from an industrial building that he owns in full. He makes an agreement with his business partner to buy out their share of the enterprise but he doesn't have the personal cash to do so. To make the deal happen, he takes money from the equity he has in the property through a private money cash out refinancing from North Side Finance Company. In exchange for a first lien on the property, the lender will loan Rodney 65% of its $600,000 value. The lender will deduct 1 origination points at the close and will then receive interest only payments at 10% for 3 years. The principle is to be re-paid in one balloon payment when the loan expires. The principle will be $390,000 but North Side Finance Company will front Rodney $386,100 after subtracting the origination fee of $3,900. Additionally, they will receive $3,250 in monthly interest until they are paid off when the loan expires.
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1100 Peachtree Street, Suite 200
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