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Refinance / Cash Out Loans in Houghton Lake Heights, Michigan
Houghton Lake Heights, MI has 29 private money refi lenders offering loans in the city. The average loan amount is $300,715. The average rate for loans in Houghton Lake Heights is 10.6%. The average term offered for loans is 33 months. The mean origination fee for loans is 2.8 points. The mean loan-to-value (LTV) offered for loans in Houghton Lake Heights is 73%.
Loan Example 1
Josephine owns a an industrial building she uses for her company's operations in Houghton Lake Heights, MI. She decides she requires cash for her company's operation but is turned down by her bank for a cash out refinance loan, so she looks to Suburban Finance Company for a private money refinance. The lender carries out a valuation analysis and conculdes the property to be worth around $1,800,000. They will loan Josephine 50% of this market value (the LTV). Additionally, they stipulate a 8% rate of interest, a 3 year note term, and will charge an origination fee of 4 percent at the closing. Interest only payments are to be paid each month with the loan principle to be re-paid when the note expires. The loan principle will be $900,000 but Suburban Finance Company will front Josephine $864,000 after subtracting the origination fee of $36,000. They will also collect $6,000 in monthly interest until they are repaid when the note matures.
Loan Example 2
Jorge is an entrepreneur in Houghton Lake Heights, MI who owns a building for his operation. In order to generate much needed funds to expand his company, he takes out some of the equity he has in his building through a hard money cash out refinancing from Green Square Lending Company. After deeming the property to be valued at around $1,000,000, the lender contracts to a 60% loan-to-value (LTV) for the transaction. The lender will start receiving interest only payments for a 3 year period. They will also subtract 2 points at the close and will then have the principle re-paid in a single balloon payment when the note matures. By the terms of the deal scenario, Green Square Lending Company will loan Jorge a total of $588,000 on his real estate ($1,000,000 market value x 60% loan to value - $12,000 in origination points). Jorge will pay $7,000 per month in interest until the note expires and will finally pay back the $600,000 principle of the note.
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